On November 6, 2023, the Department of Trade (DOT) under the Ministry of Commerce (MOC) within the State Administration Council (SAC) issued an important announcement regarding export earnings. The Central Bank of Myanmar subsequently echoed this on November 11, 2023. This joint communication specifically addresses companies engaged in export activities and imposes stringent timelines for the reception of export earnings.
According to the announcement, earnings from exports to Asian countries must be received within 45 days of shipment, while exports to countries outside Asia should be received within 90 days from the export date, directly into the exporter’s bank account in Myanmar. Non-compliance with these stipulations and the subsequent failure to remit export earnings in a foreign currency will result in legal action under the Foreign Exchange Management Law (FEML) and its implementing regulation, Notification 27/2022.
Companies must deposit their export earnings into their designated bank accounts within the timeframe set by the Central Bank of Myanmar.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.