The money will go to the Royal Air Force Benevolent Fund, guardian of the memorial at Green Park in London that commemorates all the 55,573 dead of Bomber Command, including 1679 New Zealanders.
But the Ministry for Culture and Heritage, following New Zealand Herald inquiries yesterday, said its approval for export under the Protected Objects Act will be needed if the medals are sold to a non-New Zealand buyer.
"The ministry will contact the auction house in this case to let them know ... ," a spokesman said.
"In determining an application to export, the chief executive must consult two or more expert examiners."
Mr Munro said he was unaware of these rules concerning the medals, which are already in London awaiting the auction.
As a member of the elite 617 "Dambusters" squadron, Mr Munro took off for the raid in May 1943, but was forced to turn his Lancaster bomber back after flak destroyed the plane's communications systems.
He became a key figure in the history of 617 Squadron.
He took part in important precision raids and on the eve of D-Day played a central role in an operation which fooled the German forces into thinking that an invasion fleet was sailing towards Calais, rather than Normandy.
The former squadron leader said: "My reasons for donating my medals and my flying logbooks to the RAF Benevolent Fund and, more particularly, the Bomber Command Memorial, were prompted by my visit to the memorial in May 2013.
"I could not help but think of the cost of its ongoing maintenance and, with the feelings of the descendants of those 55,573 in mind, believe that every effort should be made to maintain the memorial in the best possible condition.
" ... it was a tragedy that it was some 67 years before the loss of 55,573 lives, while serving on Bomber Command during World War II, was finally recognised."
The medals to be offered include his Distinguished Flying Cross, Distinguished Service Order and Companion of the NZ Order of Merit, along with his flying logbooks.
When asked if he was missing his medals, Mr Munro said, "I haven't had the occasion to; I happen to have alternatives [miniatures of the originals].
"The family have all got a copy of the miniatures and also I have arranged for the logbooks to be re-printed, so this is the immediate family who have copies."
He said he now thought of his air force missions only occasionally.
The Dambusters
• Royal Air Force 617 Squadron that attacked dams in Germany's industrial Ruhr Valley in May 1943
• Low-flying, high-speed Lancaster planes dropped rotating bombs on the surface of water-storage lakes
• The bombs bounced to the dam wall and sank, exploding at depth
• Two dams were breached below water level, causing massive flooding
• It is estimated that 1600 people drowned, many of them Soviet prisoners-of-war or forced labourers. Damage to industry was quickly repaired but the raid was credited with boosting British morale
• Eight of the 19 planes were shot down and/or crashed.
• 53 of the 133 aircrew were killed
