Export revenue ratio of rice and broken rice via border to be determined

Some rice traders at the border said that starting from March 2023, the export revenue ratio of 65-35 will be changed for rice and broken rice exporters through the China border.
Thirty-five per cent of the export revenue must be sold according to the exchange rate set by the Central Bank of Myanmar, which was previously only specified for shipping by sea.
“It’s almost certain to change,” said U Min Thein of the Muse Rice Commodity Centre.
Therefore, rice traders working at the Chinese border would like to report rice and broken rice in advance so that they don’t buy rice.
Starting from 1 March 2023, those who want to export rice and broken rice through the border can exchange 65 per cent of the export proceeds at the place they want to exchange, and 35 per cent must be exchanged at the relevant banks at the exchange rate set by the Central Bank of K2,100 per US dollar, market participants said.
In the past, only rice and broken rice were exported by sea.
In 2022, the export of rice and broken rice abroad was more than 1.89 million tonnes by sea, while the export through land borders was only 3.6 million tonnes, according to the Myanmar Rice Federation.
In October 2022, the central bank specified that the exporters must sell the foreign currency they have received and are no longer in use to AD-licensed banks within 30 days. — TPT

Share this post
Hot News
Hot News