The Bank of Myanmar extended the retention period for exporters to independently dispose of export foreign exchange earnings from 30 days to 45 days. The new Directive stipulates that enterprises can retain 85% of foreign exchange earnings from exports for a maximum period of 45 days from the date of receipt of payment. Exporters must exchange the remaining 15% of revenue at the official exchange rate of 1 US dollar to 2,100 kyats; the unofficial market exchange rate is approximately 1 US dollar to 4,750 kyats. The Bank of Myanmar said in a statement that the measure aims to allow exporters more time to apply for import licenses, process foreign payments, facilitate foreign exchange transactions under trade, and help improve trade conditions.

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