CBM: Exporters to sell export earnings in their accounts in four months after their entry into bank
Central Bank of Myanmar issued a statement dated September 3 saying that exporters must sell their balance income within four months after the earnings they have received with current market price.
It stated that the earnings in foreign currency from export which entered their bank accounts must be sold in four months after the entry to the licensed banks with current market price without fail.
It comes into effect on the day of the announcement. The announcement was issued under the foreign Exchange Management Law, 49 (c), the CBM stated.
According to Foreign Exchange Management Law section 38 (b), 42 (a) and 35, all earnings in foreign currency received in the course of exports must be deposited in respective local bank accounts within a limited time frame after the goods have been loaded and shipped.
