CBM allows importers to make advance payments for imported goods

The Central Bank of Myanmar (CBM) has announced that advance payments for imported goods will be permitted for importers.

The CBM said the measure is aimed at ensuring that importers receive the necessary foreign currency in a timely manner, reducing delays in payments to overseas suppliers, prioritizing foreign currency allocation for trade activities with genuine needs, and stabilizing the foreign exchange market without exerting pressure on exchange rate fluctuations.

Regarding payments for imported goods, the CBM announced that foreign currency for imports deemed necessary for the country will be scrutinized and sold in three instalments: 30 per cent of the value stated in the import license as the first instalment upon approval of the import license; 40 per cent as the second instalment upon submission of the Bill of Lading (B/L); and the remaining 30 per cent as the third instalment upon submission of the Import Declaration (ID).

The CBM also stated that allowing advance foreign currency payments for imports will enable importers to place orders for essential goods on time, reduce the financial burden of meeting foreign currency requirements in a single payment, enhance confidence in international trade, and facilitate the faster and easier importation of raw materials.