YANGON: The Central Bank of Myanmar has added 197 companies to a blacklist for failing to deposit export earnings into accounts in domestic banks within the prescribed periods, state-owned daily The Mirror reported on Tuesday (July 1).
The decision came after the companies failed to comply with the laws, regulations, and notifications outlined in the country's Foreign Exchange Management Law, the report said.
According to the report, the companies were blacklisted because they did not bring back the foreign currency earned from the exports they made between 2016 and 2020.
Under the country's Foreign Exchange Management Law, all exporters in Myanmar are required to deposit export proceeds into domestic bank accounts in the country within 30 days for exports to Asian countries and within 60 days for exports to non-Asian countries. - Xinhua
