14 November 2023
Export earnings must be deposited within 45 days for the goods exported to Asian countries and within 90 days for other countries outside Asia. Exporters must deposit the export earnings in foreign currency into their bank accounts. Action will be taken against the exporters who fail to comply with this notification under the Foreign Exchange Management Law, according to the Central Bank of Myanmar’s notification 27/2022.
Action will be strictly taken against those companies which fail to deposit export earnings into the designated bank accounts under the existing law starting from 17 November 2023, according to the Trade Department’s notification dated 6 November.
Regarding the deposit of export earnings, exporters can contact the Foreign Exchange Management Department via phone number 067 3418754 and the Trade Department through phone numbers 067 3408258 and 067 3408281.
When companies fail to deposit export earnings as per the requirements, the CBM sends the list of companies that fail to deposit export earnings within a specified period after exportation to the Ministry of Commerce and informs the respective authorized dealers (AD – banks) about the list simultaneously.
Exporters must deposit the export earnings in foreign currency into their bank accounts during the designated period under the existing law.
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