On 4 November 2026, the Central Bank of Myanmar (“CBM”) announced that advance payments for imports would be permitted in three stages, subject to the submission of the specified supporting documents. This is a notable change from the prior rules, issued by the CBM under Letter FE 882/2023 on 3 July 2023, whereby the CBM […]

On 7 January 2026, the Central Bank of Myanmar (“CBM”) issued Notification 2/2026, lowering the percentage of foreign currency from export earnings that must be converted into MMK from 25% to 15%. The new rate applies retroactively from 1 January 2026. For background, the CBM introduced this conversion requirement in Notification 12/2022 dated 3 April […]

On 30 June 2025, the Central Bank of Myanmar (“CBM”) blacklisted 197 companies and their directors for not having repatriated their export earnings during the period 2016 to 2020. It also suspended the companies’ export/import certificates. Administrative actions are now being taken against these blacklisted companies and their directors as specified under the Foreign Exchange […]

Taxpayers are required to file their annual Personal Income Tax (“PIT”) returns for the financial year 2024–2025 (“FY2024–2025”) with their respective tax offices by 30 June 2025. Under the Union Tax Law 2024 and the related notification issued by the tax offices, all taxpayers—regardless of residency status—must pay PIT in the currency in which the […]

Effective 25 January 2025, the export and import taxation system has been reinstated under MOPF Notification No. 8/2025 and Customs Department Announcement No. 001/2025. Tax calculations will now be based on the CBM’s foreign exchange reference rate of MMK 2,100 per USD.      This reinstatement is made following the recent issuance of the MOPF’s Notification […]

With effect from 1 January 2025, taxes on exported and imported goods will now be assessed and collected by the Customs Department using a weekly exchange rate based on the Central Bank of Myanmar (CBM)’s market trading rate. This announcement has been made by issuing Notification No. 90/2024, from the Ministry of Planning and Finance […]

On 7 August 2024, the CBM issued Notification No. 37/2024 to change the percentage of export earnings that must be converted into Myanmar Kyat. Under prior Notification No. 26/2023 dated 6 December 2023, exporters were required to convert 35 percent of their export earnings into Myanmar Kyat at the CBM’s reference exchange rate. Now, the […]

On 5 December 2023, the Central Bank of Myanmar (“CBM”) announced, through its letter no. 1/2937 (“Letter 1/2937”), that it will no longer determine the foreign exchange rate on foreign currency transactions made through authorized dealer (“AD”) banks via the foreign exchange online trading system. Consequently, sellers and buyers are now free to determine the […]

Under Notification 15/2023 issued on 13 July 2023 (“Notification 15”), the Central Bank of Myanmar (“CBM”) has lowered the percentage of export earnings that must be converted into Myanmar Kyats (“MMK”) from 65% to 50%. The original percentage of 65% was set on 5August 2022 by the CBM under Notification 36/2022, which required that exporters […]

The Foreign Exchange Supervisory Committee (“FESC”) decided to grant foreign companies an exemption from mandatory forex conversion in its meeting no.78/2022. In this regard, the Central Bank of Myanmar (“CBM”) issued letter no. FE-1/2861 dated 30 December 2022 concerning the resolution of the FESC’s meeting, which instructs the AD licensed banks to comply with such […]

The Central Bank of Myanmar (“CBM”) issued Notification No. 195/2022 to Union Ministers, Regional or State Governments, City Development Committees of Nay Pyi Taw, Yangon and Mandalay on 25 May 2022 directing domestic payments to be made in Myanmar Kyat (“MMK”).   This is a follow-up to Notification no. 12/2022 issued on 3 April 2022 […]

On 3 April 2022, the Central Bank of Myanmar (“CBM”) issued two regulations to be aware of—Notification No. 12/2022 (the “Notification”) to all Myanmar residents (both Myanmar citizens and foreigners) and Directive No. 4/2022 (the “Directive”) to banks holding authorized dealer licenses, instructing them on complying with matters under the Notification. The Notification repeals CBM […]

The Central Bank of Myanmar (“CBM”) issued two notifications on 3 March 2022 providing permission and guidelines for Baht/Kyat direct payments at the Thai-Myanmar Border. They are effective from the above date and apply to designated banks and all exporters and importers involved in the Thai-Myanmar cross-border trade. Purpose In order to promote the local […]

The Central Bank of Myanmar (“CBM”) issued a notification on 20 January 2022 regarding ‘write-off’ of loans given by banks and non-bank financial institutions (“NBFIs”) to related and unrelated parties. The Notification is effective from the above date and is applicable to all banks and NBFIs (collectively, “Financial Institutions” or “FIs”). Loan risk management The […]

The Central Bank of Myanmar (“CBM”) issued Notification No. 43/2021 on 3 November 2021 whereby it has capped the amount that can be paid in cash for the purchase, sale and transfer of basic goods, services or other types of payment at MMK 20 million per transaction. The Notification further states that parties should use […]

The Central Bank of Myanmar (“CBM”) issued Notification No. 46/2021 on 10 November 2021 which amends Clause 35 of the Foreign Exchange Management Regulations as follows: “The holder of a foreign currency trading licence shall inspect whether the exporters receive export earnings within three months from the date of the shipment of the goods according […]

On 7 September 2021, the Central Bank of Myanmar (“CBM”) issued a letter notifying all banks, financial service companies, and mobile financial service providers about a change to their financial year that will take effect from the 2022-2023 financial year onward. According to the CBM’s letter, the financial year (previously from 1 September to 30 […]

The Central Bank of Myanmar (“CBM”) issued a directive on 15 June 2021 (“Directive”) to Non-banking Financial Institutions (“NBFIs”). The Directive sets out the documents that an NBFI requires to provide to the CBM as part of its application to seek approval for (i) opening or closing a branch office or (ii) relocation of it’s […]

The Financial Regulatory Department (“FRD”) issued a letter on 19 May 2021 which requires licensed microfinance institutions (“MFIs”) to provide one-time information to the Central Bank of Myanmar (“CBM”) regarding the cash amount they expect to withdraw over a one-week period. The format of the report is prescribed in the letter. The letter refers to […]

Below is a brief summary of some of the recent directives and instructions issued by the Central Bank of Myanmar (“CBM”). Minimum Reserve Requirement for banks The CBM issued Directive 2/2021 on 16 February 2021 allowing banks to continue maintaining minimum reserve requirement at 3.5% (of the total MMK deposits made by customers) till 30 […]