CBM Notification: Central Bank of Myanmar issues Notification No. 27

The Central Bank of Myanmar (CBM) issued the Notification No. 27 /2023 on the 25th of December 2023, stating that under the Foreign Exchange Management Law, Foreign Exchange Management Regulation, and Notification No. 27/2022 of the Central Bank of Myanmar released on the 6th of May 2022, export earnings must be deposited in foreign currency into the exporter’s bank account in the State within 45 days for the goods exported to Asian countries and within 90 days for those exported to other countries outside Asia.

The period for repatriation of export earnings received from the exports to Asian countries is changed to 30 days instead of 45 days, and 60 days is changed to 90 days for depositing export earnings received from the exports to countries outside Asia. The notification shall be effective from the date of issue.

Action will be taken against those who fail to follow the notification under the Foreign Exchange Management Law.