Central Bank of Myanmar issued a notification on August 7 that exporters will have to exchange only 25 percent of their export earnings in Myanmar Kyat at the rate set by the Central Bank starting August 8.
In 2022, it was announced that 65 percent of the export earnings must be exchanged for the Myanmar Kyat at the rate set by the Central Bank, and in July 2023, 50 percent of the export earnings and 35 percent of export earnings must be exchanged for Myanmar Kyat at the rate set by the Central Bank on December 6, 2023, according to Central Bank of Myanmar.
Central Bank’s exchange rate is set at 2,100 Myanmar kyats per US dollar.
A businessman said that the foreign currency exchange rate in the foreign currency market has risen to the dollar, so this reduction is to make it convenient for entrepreneurs.
