CBM’s Notification Notification No. 39 To Be Effective From Sept. 1

The Central Bank of Myanmar [CBM] issued the Notification No. 39/2022 on August 30 by exercising the authority entrusted under Sub-Section (b) of Section 49 of the Foreign Exchange Management Law.

It states that wages or salaries earned in foreign exchange by Myanmar citizens abroad remitted to the country via the licensed banks (authorized dealers of foreign exchange) shall be spent on their own, transferred to others and sold to banks independently.

The persons, companies or organizations which bought the aforesaid wages or salaries shall not be allowed to sell again. But they shall spend and sell it to AD licensed banks independently. In such doing, the period starting from the flowing the foreign exchange into the AD licensed banks to finally selling it shall not exceed 21 days. This notification shall be effective from the 1st of September 2022.