On 13 July 2023, the Central Bank of Myanmar issued Notification 15/2023 allowing exporters to convert up to 50% of their export earnings into Myanmar Kyats. This amended the previous requirement set by Notification 36/2022, released on 5 August 2022, which required the conversion of 65% of export earnings into Myanmar Kyats.
The change in the exemption for currency conversion is connected to Notification 12/2022, issued on 3 April 2022. This earlier notification required all foreign currency earned by residents of Myanmar to be deposited in authorised dealer banks and converted into Myanmar Kyats within one day of receipt. Notification 15/2023 signifies a relaxation of these previous regulations, granting exporters the flexibility to convert a lower percentage of their export earnings into Myanmar Kyats. This change is likely to be viewed positively by exporters in Myanmar as it reduces the mandatory foreign currency conversion.
