Export Earnings Issue: Notification No. 15/2023 of Central Bank of Myanmar

The Central Bank of Myanmar (CBM) issued the Notification No. 15/2023 on the 13th of July. It states that the CBM has hereby announced this notification by exercising the authority entrusted under Sub-Section (b) of Section 49 of the Foreign Exchange Management Law.

The CBM issued the Notification No. 36/2022 on the 5th of August 2022 that exporters shall convert 65 percent of the export earnings to Myanmar Kyats according to the stipulations mentioned in the Notification No. 12/2022. It’s amended that exporters are to exchange only 50 per cent of their export earnings for Myanmar Kyats instead of 65 per cent as per the stipulations mentioned in the Notification No. 12/2022.

This Notification shall come into effect on the date of issue. Failure to comply with this Notification shall be subject to action under the Foreign Exchange Management Law. The Notification is signed by Daw Than Than Swe, Governor of the Central Bank of Myanmar.