CB Bank sets K2,865 for foreign income inward remittance with additional contribution of K40 per dollar

The government of Myanmar provides K30 per dollar (an equivalent amount of foreign currency) in the salary remitted by Myanmar citizens abroad. The authorized CB Bank will add another K10 to this government’s contribution of K30. When their family members withdraw cash, they will get an additional contribution of K40 per dollar and a dollar exchange rate is set at K2,865, the CB Bank notified.
Those additional contributions cover the foreign income by Myanmar citizens including seamen and Myanmar migrant workers. Only the remittance of foreign salary through the authorized banks is entitled to this.
In addition to the additional contributions and commission, they are exempted from tax on foreign income inward remittance under the Union Tax Law.
The dollar over-the-counter market rate is estimated at over K2,800. Transaction is made when the customers and sellers agree on the price. The Central Bank of Myanmar notified on 28 October 2022 about this additional contribution by the government for salary remittance of Myanmar citizens abroad from 1 November. The authorized banks for foreign exchange (KBZ Bank, CB Bank and UAB Bank) are adding the additional support fund of the government, as per the respective statements.
This move is to support and encourage the Myanmar workers abroad who are earning foreign earnings for the State.—TWA/EMM