Foreign Exchange Management: Exporters Must Deposit Export Earnings Within Three Months

The Central Bank of Myanmar (CBM) issued a press release on Wednesday. It stated that under the Foreign Exchange Management Law, Foreign Exchange Management Regulationsand Notification No 46/2021 dated on 10th November 2021 of the CBM, the holder of a foreign currency trading licence shall inspect whether exporters receive export earnings within three months from the date of the shipment of the goods accordingly to the evidence of the actual exports.

The exporters must deposit their export earnings into their banking accounts within three months from the date of the shipment of goods without fail under that law and regulations. However, it was found that exporters failed to follow the law mentioned above, rules and regulations.

Therefore, exporters must deposit all their export earnings into their banking accounts within three months from the date of the shipment of goods without fail under the provisions of the Foreign Exchange Management Law and Foreign Exchange Management Regulations. If they fail to do so, action will be taken against them under Section 42(a) of the Foreign Exchange Management Law.

Likewise, the Ministry of Commerce announced that if export companies’ export earnings do not enter within the fixed period of the CBM, the exporters/importers’ registration certificates will be revoked. The registration certificates of 177 exports and imports companies, 12 in 2016, 72 in 2017 and 93 in 2018 were revoked for failure to follow the CBM orders.