Export revenue from rice, pulses, and corn to boost fuel oil imports

Exports sskm
An aerial view of the container yard at Yangon Port.

Earnings from rice, broken rice, pulses and corn exports will support the fuel oil import sector, as per the notification of the Union of Myanmar Federation of Chambers of Commerce and Industry released on 21 December 2023.
The notification mentioned that the Central Bank of Myanmar will send the export declaration of each company that exports rice, broken rice, pulses, and corn, provided by the Myanmar Customs Department, to the relevant authorized dealers.
According to the Export Declaration, the exporters have to convert 35/30 per cent of export earnings into local currency according to the CBM’s reference exchange rate within one day through the Authorized Dealers (private banks), while 65/30 per cent of export earnings can be exchanged according to the market exchange rate transacted on Online Trading Platform. Meanwhile, the remaining 70 per cent of export earnings must be deposited into a foreign currency account for fuel oil import. Otherwise, exporters can sell 70 per cent of earnings from rice, broken rice, pulses and corn exports to fuel oil importing companies through the authorized banks, which will directly transfer those amounts to foreign currency accounts of the buyers. Interbank transactions across different banks are also available.
Thus, the fuel importing companies must show the authorized dealers’ credit advice and bank statements to prove how they earn export earnings or purchase from those rice, broken rice, corn and pulses exporting companies while seeking the licence. — NN/EM

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