A BOD member from the companies applying for foreign purchase must submit an import license, amount to be purchased, company to be transferred, bank account, etc. in person according to the Ministry of Commerce. Exporters and importers must submit the following information in order to purchase foreign currency in order to purchase foreign currency. A BOD member must be present in person.
The import license must be valid from March 28, 2022 to April 4, 2022. Must have a list of three priority banks that want to buy money. The amount of money you want to buy; Company Foreign Exchange Account No. / Bank Name; Invoice Bill of Landing; Name of company to be transferred / Bank account number / Bank name; Delivery status Once the customs clearance has been completed, the release order must be attached to the release order, the statement said.
The central bank’s directive (6/2022) issued on April 5 states that AD-licensed banks should be able to sell foreign currency at a fixed rate of only three kyats per dollar for foreign exchange transfers. The directive states that AD-licensed banks, if approved by the committee to transfer foreign currency to foreign countries, should sell foreign currency to the recipient at the exchange rate set by the Central Bank of Myanmar and charge a service fee of three kyats per dollar.
According to the Notification No. (12/2022) dated (3.4.2022) dated (3.4.2022), foreign exchange trading (AD) licensed banks are required to comply with the following within one working day regarding the entry into foreign currency account of the foreigner resident in foreign currency. In case of export earnings, transfer to the account of the relevant company on the day of foreign exchange receipt.
The AD licensed bank will purchase at the exchange rate set by the central bank and deposit into the kyat account. In case of other income including service, the relevant company, To transfer to a person’s foreign currency account; The AD licensed bank will purchase at the exchange rate set by the central bank and deposit into the kyat account. Sending dividends for foreign investment; Remittances; transfers for overseas investment; These include repayment of foreign loans and interest, and the transfer of expenses set forth in Article 27 of the Foreign Exchange Management Code.
Source: Daily Eleven