Exporters can use 35% of export earnings: CBM

The Central Bank of Myanmar-CBM issued a statement dated 16 August 2022 that exporters can use 35 per cent of export earnings or sell them to authorized dealers (banks) or make remittances to others. According to the CBM’s notification dated 5 August 2022, exporters have to convert only 65 per cent of the hard currencies they earned into local currencies.
Therefore, they can utilize the remaining 35 per cent themselves or sell the dollars to AD or transfer them to others. Regarding foreign accounts of the exporters at the banks, 65 per cent of earnings must be exchanged for local currencies within one working day. Banks must conduct transactions off the remaining 35 per cent for the use of exporters or remittances or selling. Those entities (company, institutions and individuals) must sell them to ADs or use themselves within 30 days of earnings.
Exporters must seek approval from the Foreign Exchange Supervisory Committee to carry out cross-border transactions. — NN/GNLM