The Central Bank of Myanmar issued a notification on January 7, requiring exporters to convert only 15 percent of their export earnings into Myanmar kyat at the central bank’s exchange rate. On August 7, 2024, it was announced that 25 percent of export earnings would be converted into Myanmar kyat at the central bank’s exchange rate, but now it has reduced the conversion rate to 15 percent.
Acting President and Chairman of the State Security and Peace Commission Senior General Min Aung Hlaing, announced at the 34th Annual General Meeting of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) held on November 30 that the percentage of export earnings that must be converted into kyat will be reduced. The central bank’s exchange rate is 2,100 kyats per US dollar.
