CBM Announces New Financial Year Timeline for Myanmar

The Central Bank of Myanmar (CBM) has announced a significant change in the financial practices in the country. As of the 2022-2023 financial year, the financial year for banks, financial services companies, and mobile financial service providers will run from April 1 to March 31.

Shift Away from Current Practice

The current practice of running the financial year from October 1 to September 30 is being phased out. This change marks a significant shift towards streamlining financial practices in Myanmar. The new timeline takes effect from the 2022-2023 financial year onward.

Implementation and Compliance

According to a letter issued by the CBM on September 7, all banks, financial services companies, and mobile financial service providers will need to adjust their financial practices to comply with the new timeline. The six-month period from October 2021 to March 2022 has been designated as an interim budget period.

Impact and Action Required

The change is expected to have a significant impact on businesses operating in Myanmar’s financial sector. All relevant parties are advised to take immediate action to ensure compliance with the new regulations.

Future Developments

In related news, experts predict that a new financial year definition applicable to all companies will be issued by the CBM at a later date.