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MYANMAR- On July 13, the Central Bank under the Junta Military Council announced that 50 percent of the export income earned by the exporters must be exchanged to Myanmar kyats.
On August 8 of 2022 , 65 percent of the export revenue was set to be exchanged to Myanmar kyat and now revised to 50 percent instead of 65.
Some businessmen said the percentage relaxation order came out after a meeting between the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the President of the Junta Military Council at earlier of July.
According to the statement, exporters must sell 50 percent of their export earnings at the central bank with reference price of 2,100 kyats, while the remaining half can sell at the market price.
The market price is more than 1000 MMK different from the central bank price per dollar.
According to the statement of the Central Bank of the Junta Military Council, if the exporters do not comply with this statement, they will be prosecuted under the Foreign Exchange Management Law.