Myanmar central bank sets new timeframe for exporters to deposit earnings

YANGON: Myanmar's central bank has ordered exporters sending goods outside Asia to deposit foreign earnings in local banks within 90 days, up from a previous requirement to do so within 60 days.

Companies exporting within Asia must deposit their earnings within 45 days instead of 30, the Central Bank of Myanmar said in a statement dated Dec 25.

Since a military coup in 2021, Myanmar has experienced significant economic and social turmoil that has seen the junta roll out a series of measures to shore up foreign reserves and the value of the kyat currency.

Western investors have withdrawn from Myanmar, and widespread sanctions are affecting trade. The private sector faces a significant challenge in accessing foreign currency, given the increasing pressure on foreign reserves.

The World Bank has said the Southeast Asian country's economy is expected to grow just 1 per cent in the year to March 2024. - Reuters