Myanmar Loosens One-Day Currency Conversion Requirement For Export Income

• Published date: 17 July 2023
• Subject Matter: Finance and Banking, Financial Services
• Law Firm: Tilleke & Gibbins
• Author: Ms Yuwadee Thean-Ngarm, Nwe Oo and Khin Yadanar Htay

On July 13, 2023, the Central Bank of Myanmar (CBM) lowered the percentage of export income in foreign currency that must be converted into Myanmar kyat (MMK) within one day of receipt. The changes are contained in CBM Notification No. 15/2023, which took effect immediately.

The notification specifies that only 50 percent of export income in foreign currency must be converted into MMK at official CBM rates within one day, in accordance with Myanmar's requirement to convert foreign currency transfers and balances. The remaining 50 percent of the export earnings must be converted into MMK if the exporter does not use it within 30 days.

The 50...