The Central Bank of Myanmar (CBM) has issued a mandate that requires licensed banks to convert 65% of all export earnings made in foreign currencies to kyat at the exchange rate set by the monetary authority. This exchange rate is 27% lower than the market rate, while exporters can sell only 35% of their earnings at the market rate. However, the CBM has allowed 100% of foreign currency earnings from exports made before April 4th of last year to be sold or converted at the market rate.