The Central Bank of Myanmar Narrows the Time Frame for the Inbound Remittance of Export Earnings

On 25 December 2023, the Central Bank of Myanmar (“CBM”) issued Notification No. 27/2023 to reduce the time frame for the inbound remittance of export earnings. Previously, under Notification 27/2022 dated 6 May 2022, the CBM required that export earnings from goods exported to Asian countries be deposited into exporters’ bank accounts within 45 days, and within 90 days for goods exported to countries outside of Asia.

The CBM has now shortened these time frames—from 45 to 30 days for earnings from goods exported to Asian countries, and from 90 to 60 days for earnings from goods exported to countries outside of Asia.

Notification No. 27/2023 is effective from the date of issue, and non-compliance may be subject to the sanctions specified in the Foreign Exchange Management Law.