Summary of the Central Bank of Myanmar Announcements

Below is a brief summary on some of the recent notifications and directives issued by the Central Bank of Myanmar (“CBM”)


  • Cash payment limit per one transaction (or) Payment via digital payment methods if the cash limit payment exceeds MMK 20 Million per transaction

The CBM Notification No.43/2021 came into effect on 3rd November 2021 imposing a limit on how much cash can be paid per one transaction.

The Notification provides that cash payment for, among others, the purchase, sale, and transfer of basic goods/ assets and services, shall not exceed MMK 20 Million (approximately USD 11,000) per transaction. Where the amount due exceeds MMK 20 Million per transaction, the Notification states that digital payment methods, including mobile banking, internet banking, card payment, or account transfer, should be utilized.

In addition, regarding the Notification No. 43/2021, the details of the digital payment compliance matter were issued by the CBM on 15th November 2021.


  • Bid-ask rate for selling, purchasing and exchanging of foreign currency

The CBM Directive No.18/2021was issued on 9th November 2021, and came into force on 10th November 2021. The CBM specifies the bid-ask rate for selling, buying, and exchanging foreign currencies. The Directive concerns banks authorized to deal in foreign currency exchange. It also applies to non-bank entities with a foreign exchange license. CBM specifies that the bid-ask rate shall be within + 0.5% of the CBM Reference Rate.


  • Amendments to Foreign Exchange Management Regulations

The CBM issuedNotification No.46/2021,on 10th November 2021, amending paragraph 35 of the Foreign Exchange Management Regulations to require holders of a foreign currency trading license to inspect whether exporters receive export earnings within three months from the date of the shipment of goods accordingly to the evidence of the actual exports.


OTHER NEWS

Reduced Government Fees for Investors

Reduced Government Fees for Investors

Recent Directorate of Investment and Company Administration’s Announcements

Recent Directorate of Investment and Company Administration’s Announcements

MYANMAR WITHHOLDING TAX UPDATE

MYANMAR WITHHOLDING TAX UPDATE

Draft Foreign Investment Rules 2017

Draft Foreign Investment Rules 2017

THAILAND ADDRESS
5th Floor, Zuellig House 1-7 Silom Road, Silom Bangrak, Bangkok 10500 Thailand
Tel : +66 2 6360585
Fax : +66 2 6360587
E-mail : enquiries@southasia-law.com

MYANMAR ADDRESS
Room 09, Building No. (19/A),
3rd Floor, Boyarnyunt Street,
Dagon Township, 11191,
Yangon, Myanmar
Tel :
Fax :
E-mail : enquiries@southasia-law.com