The Central Bank of Myanmar (CBM) has announced in a notification that Myanmar citizens abroad may have their wages or salaries earned in foreign exchange remitted to their home country via the licensed banks (authorized dealers of foreign exchange) spent on their own, transferred to others or sold to banks independently.

The CBM said it issued a notification (No.39/2022) by exercising the authority entrusted under Sub-Section (b) of Section 49 of the Foreign Exchange Management Law.

However, the notification said the persons, companies or organizations which bought the aforesaid wages or salaries shall not be allowed to sell again. But they can spend and sell it to AD licensed banks independently.

As such, the period starting from the flowing the foreign exchange into the AD licensed banks to finally selling it shall not exceed 21 days.

This notification is effective from 1 September 2022, the CBM announced.