The Trade Department under the Ministry of Commerce has notified on 29 August that exporters have to pay terminal handling charges, inspection costs and commission from 35 per cent of export earnings. They must pay them 35 per cent of export earnings. They do not need to request approval from the Foreign Exchange Supervisory Committee (FESC) regarding this case, according to the committee’s meeting (43/2022). Therefore, the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry has notified the related associations of the directive of the FESC.
Regarding the relaxation of the procedure, the shipping process is expected to go smoothly. However, as they must pay 35 per cent of export earnings, the amount of dollars they can sell themselves has become lower, the Myanmar Enterprise Solutions posted on its Facebook Page. According to the CBM’s notification dated 5 August 2022, exporters have to convert only 65 per cent of the hard currency they earned into local currency within one working day.
The CBM issued a statement dated 16 August 2022 that exporters can use 35 per cent of export earnings or sell them to authorized dealers (banks) or make remittances to others. Regarding foreign accounts of the exporters at the banks, 65 per cent of earnings must be exchanged for local currency within one working day. Banks must conduct transactions from the remaining 35 per cent for the use of exporters or remittances or selling them onto ADs, and those entities (companies, institutions and individuals) must sell them to the ADs or use themselves within 30 days of earnings. Exporters must seek the approval of the Foreign Exchange Supervisory Committee to carry out cross-border transactions.
Source: The Global New Light of Myanmar