Central Bank of Myanmar requires exporters to exchange 25% of their earnings at Central Bank rate

27 August 2024

On 7 August 2024, the Central Bank of Myanmar issued Notification No. 37/2024 stipulating that, effective from 8 August 2024, exporters in Myanmar must convert 25% of their foreign currency earnings into Myanmar kyat. This is a reduction from the previous mandatory conversion of 35% that had been in place since 6 December 2023 pursuant to Notification No. 26/2023. 

By way of background, Myanmar requires that all foreign currency earned by Myanmar residents be deposited in banks with licences to exchange foreign currency (known as authorised dealer banks) and converted into Myanmar kyat within one working day of receipt.