Export Earnings: CBM announces resumption of Chinese Yuan, Thai Baht

The Central Bank of Myanmar announced that the export earnings from the sale of goods can be made in Chinese Yuan and Thai Baht in addition to the US dollar.

Aung Aung, Permanent Secretary, Central Bank of Myanmar said "The export items such as beans and pulses, edible oil crops, corn, rubber, marine products, livestock products are allowed to be paid in Chinese Yuan and Thai Baht. About 65% of the export earnings received in Chinese Yuan and Thai Baht must be exchanged for local currency at the CBM’s reference foreign exchange rate at the license banks. Exporters can freely use 35% of export earnings and transfer or sell them to others. "

Exporters and buyers can use the export earnings within 30 days and they need to sell the unused earnings to the license banks after 30 days. Foreign currency exchange rates are announced on the official website of the Central bank of Myanmar daily, it’s learnt.