The Central Bank of Myanmar Reduces the Percentage of Export Earnings to be Mandatorily ConvertedJuly 18, 2023
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 convert 65% of their export earnings into MMK within one working day. The change under Notification 15 is welcome news for Myanmar exporters. They can now maintain more foreign currency for themselves or resell it to banks, which will help to increase the supply of foreign currency in Myanmar.
The reduction under Notification 15 is effective from 13 July 2023.