The 65 percent of the export revenue is spent on the business itself or sales in the foreign currency market must be completed within one month of receipt of export proceeds, informed the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) to exporters and importers.

According to the notification No. 26/2023 issued by the Central Bank of Myanmar (CBM) on December 6, exporters must exchange 35 percent of the export proceeds at the exchange rate set by the CBM, and the amount will be exchanged for kyats by the relevant AD licensed bank within one working day.

The remaining export revenue is spent on the entrepreneur himself or sales on the online trading platform must be completed within one month of receipt of export proceeds.

The scheme is only for export earnings coming in for EDs released on or after December 6, 2023.

As for the admissions for EDs before December 6, it is known that they will be able to exchange only according to the 50 percent plan.

According to the CBM, the above processes are covered normal trade, border trade and CMP activities.

In short, the UMFCCI has announced that the export earnings will be exchanged as follows.

For maritime trade, they were 100 percent benefit for the period before April 3, 2022, 65 percent from April 3, 2022 to July 12, 2023 when the ED was released, 50 percent from July 13, 2023 to December 5, 2023 and 35 percent from December 6, 2023.

For border trade, they were 100 percent benefit for the period before August 5, 2022, 65 percent from April 3, 2022 to July 12, 2023 when ED was released, 50 percent from July 13, 2023 to December 5, 2023 and 35 percent from December 6, 2023 provided by AD licensed banks. It is learned that they have been instructed to inform the exporters and importers and the AD licensed banks.