Editor’s Note
This article reports on the official announcement by Myanmar’s Trade Department regarding the reorganization of its One-Stop Service Center and the resumption of gold and jewelry import-export activities.
On July 31, 2023, the Trade Department under the Ministry of Commerce of the State Administration Council announced the reorganization of the One-Stop Service Center and the resumption of gold and jewelry imports and exports in Myanmar.
According to Trade Department Letter No. 12/2023 issued on July 3, 2023, the export of value-added gold products is now permitted through Letters of Credit (L/C) or Telegraphic Transfer (T/T) transactions. Consequently, exporters of value-added gold products and jewelry can proceed with exports by complying with the standard import-export procedures.
In 2020, Myanmar was placed on the Financial Action Task Force (FATF) grey list, requiring the Myanmar government to monitor gold and jewelry import-export transactions. Accordingly, on August 12, 2020, the Ministry of Commerce mandated the use of Letters of Credit for such transactions.
In response to continued industry complaints, the Myanmar government relaxed the rules starting December 30, 2021. It allowed T/T remittances for transactions below $50,000, while transactions of $50,000 or more still required Letters of Credit.
