Central Bank of Myanmar (CBM) has instructed importers to use banking transactions only. The importers holding licences must use only bank transfers as settlement for the goods imported via two modes of transport (border and sea). They must use the banking system with foreign currency purchased from local banks or export earnings deposited in local bank accounts, the CBM mentioned. Additionally, for importers from China, they need to show a bank statement of Yuan while seeking a licence. Some traders have expressed concerns over the foreign currency liquidity of the domestic banks.
