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Importers/Exporters can request approval to buy USD through the Ministry of Commerce

Importers/Exporters can request approval to buy USD through the Ministry of Commerce

April 20, 2022

In accordance with the notification issued by the Central Bank of Myanmar on 3 April 2022 regarding the conversion of USD into MMK within one working day, the Ministry of Commerce (“MOC”) has confirmed that it will assist importers/exporters regarding the facilitation of applications to buy USD used for their businesses with the Foreign Exchange Supervisory Committee (“FESC”).

Application documents

The application will include the following. Mainly, the application documents contain the shipping documents related to importation/exportation.

  1. Import/Export license with the issuance date between 28 March and 4 April 2022
  2. List of three priority banks
  3. Total amount of USD to buy
  4. Foreign currency account and details of the bank
  5. Invoice
  6. Bill of Landing/Bill of Order
  7. Import Declaration
  8. Name of beneficiary together with bank account details
  9. Release order (if customs provides clearance)  

Application procedure

The application will be submitted in person directly to the MOC either at the MOC’s Yangon or the Nay Pyi Taw office by one of the directors of the company of the Importer/Exporter. Applications on their behalf are not permitted.

Once the MOC receives the application, it will then submit the application to the FESC on behalf of the Importer/Exporter.

Timeline

Currently, there is no practical information on how long it will take to obtain the approval from the FESC, as it is very new requirement.

Please note that the facilitation by the MOC is limited to the purchase of USD for business; the MOC does not facilitate requests for outward transactions. Such requests are to be submitted directly to the FESC.

AUTHOR

My is an experienced tax manager with a degree in Foreign Economics from the Foreign Trade University, Ho Chi Minh City. She has over seven years of experience, and worked with PricewaterhouseCoopers and DFDL in Vietnam before joining VDB Loi. She specializes in investment and tax advisory. My Le has assisted Mitsui&Co, Ooredoo and Pan Asia Towers with their investment licensing applications and with obtaining telecom licenses. Additionally, she has led in breaking through newly emerged and highly challenging permits and licenses for foreign investment in beverage, pharmaceutical and trading industries.


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