CBM Announcement: Central Bank of Myanmar issues Notification No. 36/2022

The Central Bank of Myanmar [CBM] issued the Notification No. 36/2022 on the 5th of August 2022.

It states that the Central Bank of Myanmar issued this notification by exercising the authority entrusted under Sub-section (b) of Section 49 of the Foreign Exchange Management Law. The Central Bank of Myanmar issued the Notification No. 12/2022 dated on the 3rd of April 2022 related to earnings of foreign exchange of those who reside in the country receiving from abroad and remittance of the foreign exchange abroad.

Exporters have to exchange 65 per cent of incomes obtained from exportation with Myanmar kyat in line with the prescribed directives from Paragraph 2 mentioned in Notification No. 12/2022 of the Central Bank of Myanmar. This notification must be effective as of the issuance date. If anyone does not follow this notification, they will face action to be taken under the Foreign Exchange Management Law.