YANGON: The Central Bank of Myanmar (CBM) has announced an extension of the permitted period for exporters to retain the portion of their export earnings available for their own use in their foreign currency bank accounts, increasing it from 30 days to 45 days.
Under Section 38(b) of the Foreign Exchange Management Law, exporters are required to repatriate their export earnings into their foreign currency bank accounts in Myanmar within the prescribed period after exporting their goods.
Previously, the CBM stipulated that export earnings could be retained in private foreign currency accounts for 30 days under its Notification No. FE-1/PaKa/1956 dated 16 August 2022.
The extension is intended to give exporters sufficient time to apply for import licences and make overseas payments, facilitate foreign currency transactions for export and import activities, and promote the development of the trade sector.
Accordingly, the CBM has permitted exporters to retain the portion of their export earnings available for their own use in their foreign currency bank accounts for up to 45 days, instead of the previous 30-day period. - Eleven Media/ANN
