The Central Bank of Myanmar has issued the Notification under Section 49 (b) of Foreign Exchange Management law.

CBM issued Notification No.12/2022 on April 3, 2022 regarding foreign exchange earnings of locals and transferring of foreign currency abroad. Therefore, in accordance with the provisions under the aforementioned CBM’s notification N0.12/2022, exporters shall convert only 65 percent of their earnings to Myanmar Kyats.

It stated that this notification shall take effect from the date of issue. Failure to comply with this notification shall result in legal action under the Foreign Exchange Management Law.

Besides, CBM has changed foreign currency exchange rate of Ks.1850 per U.S dollar to Ks.2100. For over four months, CBM has set foreign currency exchange rate of Ks.1850 per U.S dollar.