YANGON: The Central Bank of Myanmar has announced that 287 companies and their directors have been blacklisted for failing to deposit export earnings in accordance with the country's foreign exchange regulations, the state-owned daily The Global New Light of Myanmar reported on Saturday (April 4).
The action followed an official review conducted on March 26, which found that the companies did not comply with requirements to repatriate export income earned between Jan. 1, 2021, and March 31, 2025.
Under Myanmar's Foreign Exchange Management Law, exporters must deposit their export earnings into their domestic bank accounts in foreign exchange within specified periods.
For exports to Asian countries, the deposit must be made within 30 days of the export date, and for exports to other countries, within 60 days, the report said.
The law states that failure to deposit export income within the stipulated period is prohibited. Violations can result in penalties, including imprisonment for up to one year, fines, or both, the report said.
In an effort to enforce compliance, relevant organisations, including the Ministry of Finance and Revenue, the Ministry of Investment and Foreign Economic Relations, the Ministry of Commerce, the Central Bank, and authorised dealer banks, jointly contacted exporters to clarify their financial data.
Companies that fail to provide clarification or comply with the regulations will have their business licences revoked, the report added. - Xinhua
