CBM makes further relaxation for forex rules
September 28, 2024
The Central Bank of Myanmar eased the mandatory foreign currency conversion rule again that only 25 per cent of export earnings must be converted into kyat at the rate as per its Notification 12/2022, according to its amendment unveiled in Notification 37/2024 dated 7 August 2024.
CBM allows exporters to repatriate export earnings until 30 November 2024 with a 25 per cent ratio (in which they can keep 75 per cent of foreign income) from export declarations made between 3 April 2022 and 7 August 2024.
Unless they fail to do so within the given time, they will face licence revocation or legal action under Myanmar Companies Law or Foreign Exchange Management Law, according to the CBM’s notification dated 8 August 2024.
CBM encouraged exporters to deposit the set amount of foreign currency earnings within the specified period in line with the CBM directives, CBM warned once again. — NN/KK
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