The Central Bank of Myanmar has issued a notification amending those exporters to exchange only 50 percent of their export earnings for Myanmar Kyats instead of 65 percent.

Under the notification No.15/2023 dated July 13, CBM has announced that this notification by exercising the authority entrusted under sub section (b) of Section 49 of Foreign Exchange Management Law.

It said CBM has issued Notification No.36/2022 on August 5, 2022 that exporters shall convert 65 percent of the export earnings to Myanmar Kyats according to the stipulation mentioned in the notification No. 12/2022.

It is amended that the exporters are to exchange only 50 percent of their export earnings for Myanmar Kyats instead of 65 percent as per the stipulation mentioned in Notification No.12/2022.

It added that the notification shall come into effect on the date of issue and failure to comply with this notification shall be subject to action under the Foreign Exchange Management Law.