A total of 65 percent of the export revenue of rice and rice products from the border should be exchanged for kyat at the rate set by the Central Bank of Myanmar (CBM), in order to apply it uniformly to the main export products exported abroad, announced the Ministry of Commerce on February 23.
The export income (foreign currency) obtained from the export and sale of rice and rice products to other countries through border trade stations is allowed to be used by the exporter without having to exchange Myanmar kyat at the rate set by the CBM.
In order to ensure balance by commodity in the export process and to apply it uniformly to the main export products exported abroad, 65 percent of the foreign currency earned from the export of rice and rice products to the other country through border trade stations must be exchanged for Myanmar kyats at a fixed rate in accordance with the instructions of the CBM starting from March 1, 2023.
The Department of Trade has informed that the export income of rice and rice products will be uniformly applied to the export income of rice and rice products from March 1, 2023. The money sent in advance from abroad before that date and after the said date for the rice and rice product export earnings to be sent abroad, must be exchanged for Myanmar kyat at the specified rate.
The CBM announced on August 16, 2022 that 35 percent of the export earnings will be legally transferred or sell and 65 percent of export earnings must be exchanged for kyat within one day.
