The Central Bank of Myanmar relaxed the mandatory foreign currency conversion rule to 25 per cent from 35 per cent for exporters to convert them into kyat in the exercise of the power conferred by Section 49 (B) of the Foreign Exchange Management Law, according to its Notification 37/2024 dated 7 August 2024.
According to the previously issued Notification 26/2023 dated 6 December 2023, the percentage for currency conversion requirements for exporters was earlier amended to 35 per cent of hard currency they earned into local currency as per CBM’s reference exchange rate in line with instructions laid out in Notification 12/2022.
Therefore, exporters need to exchange 25 per cent of earnings into kyat at the set rate according to Notification 12/2022.
The newly issued notification came into effect on 8 August 2024, CBM stated. — NN/KK
CBM eases forex rules for exporters
- August 09, 2024
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