CBM says 65% of export earnings must be exchanged for Kyats

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A merchant is seen making payments for goods in Rupees.

Sixty-five per cent of the amount of export earnings must be exchanged for Myanmar Kyats and the remaining 35 per cent will be allowed to be sold at the market price, the Central Bank of Myanmar announced on 18 April.
The announcement was made for the export declarations (ED) that were issued in the period before the issuance of Notification No 36/2022 of the Central Bank of Myanmar dated 5 August 2022, according to the decision of the Foreign Exchange Supervisory Committee (FESC) meeting 27/2023.
AD licenced banks dealing in foreign currencies must also comply with the decision of the FESC, said the statement. In addition, starting from April this year, Myanmar-India bilateral trade payments have been allowed to be paid directly in Rupee-Kyat exchange, the statement continued. — TWA/CT

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