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Exporters ordered to sell foreign currency earnings within 30 days

In an attempt to stabilize the dollar rate against Myanmar Kyat, the Central Bank of Myanmar issued a notice on October 3 ordering exporters to deposit the foreign currency earnings from the exports into the exporter’s foreign currency account or sell the earning to the bank, which holds Authorized Dealer (AD) license, within thirty days.

The notice said the exporters shall sell the foreign currency earnings only to AD licensed banks. The notice also cancel the previous notice issued on September 3 this year which required exporters to sell the foreign currency earnings to AD licensed banks within four months.

This is the junta’s latest move to stabilize the dollar exchange rate against Myanmar Kyat after banning vehicle imports aiming to reduce foreign currency requirements.

According to the announcement issued by the Ministry of Commerce, it has stopped issuing permits for the importation of private use vehicles and the consignment importation program, vehicle imports by sale centers and showrooms, and vehicle import for civil servants starting from October 1st.

The dollar rate against Myanmar Kyat shows easing signs dropping to around K2,000 per dollar after reaching up to K3,000 per dollar two weeks ago.

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