Starting from 1 November, imports are to be allowed based on the export earnings or flows of funds and the initial stage of this move will commence in Myanmar-Thailand border areas, according to 31 October 2022 of the Trade Department under the Ministry of Commerce. To improve Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures and follow the Action Plan of the Financial Action Task Force (FATF), banking will be utilized in settling border transactions.
Imports will be allowed only with the banking system. The importers are permitted to use export earnings and foreign salary remittances of Myanmar citizens and can make transactions at the relevant banks with those earnings and flows of funds. The initial stage of this move will commence in the Myanmar-Thailand border areas, as per the statement. The Trade Department will grant an import licence after screening export earnings and flows of funds and making sure the import value does not exceed the bank account balance.
The export earnings and the flows of funds deposited after 1 April 2022 will be accepted. Those importers who seek the permit as of 31 October 2022 are not entitled to this. Those importers who were granted import licences before 31 October 2022 must bring in the goods by 30 November 2022. If they fail to do so, they will get their licences revoked. In the cross-border trade between Myanmar and Thailand, the exporting companies can import with their export earnings or transfer the earnings to other companies for imports. Moreover, they can import with their export earnings at the other border posts as well.
Source: The Global New Light of Myanmar