The Department of Trade ("DOT") under the Ministry of Commerce has announced, via Bulletin 11/2023 dated 28 June 2023 and Bulletin 13/2023 dated 6 July 2023, the revocation of the requirement to make advance payments on export earnings for exporters exporting pulses, corn, sesame, and peanuts. Previously, such exporters were required to make advance payments with the Foreign Exchange Supervisory Committee ("FESC").
Bulletin 11/2023 and Bulletin 13/2023 instead require companies that have been established for three years and above to deposit 20% of the total export value with the DOT. Companies that have been established for fewer than three years must deposit 35% of the total export value. Such deposits are to be paid in Myanmar Kyat calculated based on the border market rate. Exporters are further required to deposit their export earnings into the companies’ bank account within 15 days after making an export declaration.
