The Central Bank of Myanmar (CBM) issued a letter on September 7, 2021, notifying all banks, financial services companies, and mobile financial service providers about a change to Myanmar’s financial year calendar for 2022–2023. At present this change only applies to banks, financial service providers, and mobile financial service providers, but a new financial year definition applicable to all companies is expected to be issued at a later date.
Following the CBM’s letter, the financial year for businesses of this type in Myanmar will run from April 1 to March 31, from the 2022–2023 financial year onward. In addition, the six-month period from October 2021 to March 2022 is specified as an interim budget period. This will mark a change from the current practice in Myanmar, under which the financial year has run from October 1 to September 30.
All banks, financial services companies, and mobile financial service providers will need to adjust their financial practices to comply with the new timeline laid out in the CBM’s letter.