Payment Issue: Central Bank of Myanmar Issues Notification

The Central Bank of Myanmar issued the Notification No. 43/2021 on the 3rd of November 2021.

It states that the Central Bank of Myanmar has issued this notification exercising the authority conferred under Section 121 of the Central Bank of Myanmar Law.

In order to implement payment systems more effectively in the Republic of the Union of Myanmar, payment in cash for the purchase, sales and transfer of basic goods, services or other types of payment in cash should not exceed 20 million Kyats per time.

For any payment in excess of this amount, digital payment methods using the banking system such as mobile banking, payment through internet banking, payment by bank card, payment by check/payment order (PO), account transfer, paying the bank in cash and submit proof of payment must be used.