Myanmar’s Central Bank Enforces New Export Payment Rules with Strict Compliance and Penalties

• The Central Bank of Myanmar has issued new rules for exporters regarding export proceeds.
• Exporters must obtain export licenses, sign sales contracts, and secure an Export Declaration before shipment.
• Exporters must repatriate foreign currency proceeds within 30 days for ASEAN countries and 60 days for non-ASEAN countries.
• Non-compliance may lead to prosecution under the Foreign Exchange Management Law.
• Exporters must reconcile export proceeds with Authorized Dealer Banks and provide full supporting documents.
• The CBM will monitor compliance through its Foreign Exchange Management System.
• Non-compliance may result in blacklisting, affecting companies and directors.
• Blacklisting restricts banking services, suspends licenses, and affects reputational and investor confidence.
• To remove blacklisting, exporters must repatriate outstanding proceeds and complete reconciliation.
• Special circumstances like deterioration of goods may allow for cancellation of obligations with CBM approval.

Source: dfdl.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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