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CBM announces resumption of Chinese Yuan, Thai Baht for export earnings

Export earnings can be made in Chinese Yuan and Thai Baht in addition to the US dollar, the Central Bank of Myanmar notified. The CBM’s notice takes effect on those export items; various pulses (green gram, black gram, chickpea and pigeon pea), edible oil crops (peanut and sesame), corn, rubber, fishery products (fish, shrimp, crab, eel) and livestock products (live cattle, hides, frozen meat and dried meat).

The traders need to apply for a licence to make Yuan or Baht payments. As per the US dollar policy, 65 per cent of earnings must be exchanged for local currency at the CBM’s reference foreign exchange rate, while exporters can use 35 per cent of export earnings or sell them on to others with an over-the-counter rate within one month. The procedures for border trade such as (100 per cent TT advance payment) and circular letter system have not been eased, according to the statement. Those companies that fail to deposit export earnings in local accounts will face a lawsuit.

Source: The Global New Light of Myanmar

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