Amendment of Foreign Exchange Management Regulations

The Central Bank of Myanmar (“CBM”) issued Notification No. 46/2021 on 10 November 2021 which amends Clause 35 of the Foreign Exchange Management Regulations as follows:

“The holder of a foreign currency trading licence shall inspect whether the exporters receive export earnings within three months from the date of the shipment of the goods according to the evidence of the actual exports.”

Prior to this amendment, the said clause required authorised dealer banks to verify whether exporters received export proceeds into their bank accounts within six months from the date of shipment of goods.