Notice on Documents to be Submitted for the Barter System

On 28 May 2024, the Union of Myanmar Federation of Chambers of Commerce and Industry issued letter no. 15-2/3/13 (2149) on the submission of documents to apply for export bill receivable exemptions and import bill payment exemptions under Myanmar’s Barter Transaction Arrangement (“BTA”).

The letter outlines the following procedure:

• Exporters and importers are required to inform the Foreign Exchange Management Department (“FEMD”) of the Central Bank of Myanmar by submitting the prescribed form provided in the notice letter along with the following supporting documents, addressed to the Director General, after exporting or importing goods under the BTA:
  • Allowed shipment notification
  • Release order notification
  • Export or import license granted under the barter system
  • Sales contract
  • Standard corporate documents
• Submission of the application must be done by email to [email protected]. A reply email acknowledging receipt from the FEMD will be sent back to the applicant. If the applicant does not receive such an email, it will be considered that the applicant never informed the FEMD and should therefore contact the FEMD by telephone at 01-543511 (ext. 461 or 462).

However, it appears to us that this is not yet being enforced, since the letter does not specify a deadline for submission of the application documents after exporting or importing goods, nor does it mention any penalties for failure to submit. It is also not clear as to whether the trading partner abroad is also required to inform the FEMD or only exporters and importers in Myanmar.

Therefore, we assume that a further notice on this matter will be issued to clarify these points. In the meantime, we urge all exporters and importers to be sure to maintain the documentation listed above so that they are ready when more detailed procedures are issued.