THE Trade Department notified on 9 August that the Central Bank of Myanmar eased foreign currency
conversion rules for exporters. It encouraged the exporters to repatriate foreign currency earnings within the specified period in line with the directives of CBM. The CBM’s Notification 37/2024, dated 7 August, stated that only 25 per cent of export earnings must be converted into kyat at the rate as per its Notification 12/2022.
Additionally, the CBM allows exporters to repatriate 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 cannot enjoy 25 per cent and must act according to the previous set percentage for the respective years. Furthermore, they might 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.
Source: The Global New Light of Myanmar