Exporters, importers face licence revocation over online trading non-compliance

Exporters and importers will get their licences revoked unless they make transactions at the exchange rate determined on an official online trading platform by the Central Bank of Myanmar, according to the CBM’s rule.
Starting from 22 June, the CBM led the online trading platform for the bank-customer transactions and transactions between clients.
The CBM will negotiate with the authorized dealers (banks) regarding the scrutiny of the transaction conditions, permitted companies, foreign exchange amount and exchange rate.
The permitted transaction conditions are as follows; transactions for important goods and payment after due date, one entity is allowed to make transactions at the designated bank with the presence of import licence and overdue invoice when it wants to buy the large amount from more than one bank, setting a certain amount for each company and valid foreign currency transactions amount even if one company submits the foreign currency report about purchase invoice daily.
Transactions are not allowed for those holding expired import licence, ID without at least six months validity for licensed goods or non-licence goods, overlaps in import licensing and IDs, import licence issued or renewed in 2022 and running business in free zone of the Thilawa Special Economic Zone.
Scrutiny rules are verification the accessibility of the states to conduct the Advanced Payment Telegraphic Transfer for imports and permission on a case-by-case basis, ID requirement three months of receiving import licence, checking the HS Code of the Ministry of Commerce for non-licence goods for foreign currency transactions and repayment schedule set by the CBM for loan interest.
Therefore, the authorized dealers (banks) must forward the documents to the online trading platform only after verifying those rules. If the ADs fail to abide by those instructions, they will face legal actions under the Foreign Exchange Management Law. The CBM directed the ADs to notify the exporters and importers to comply with the guidelines not to get their licence cancelled. — NN/EM