A mandate issued by the Central Bank of Myanmar demands exporters shipping goods beyond Asian territory to deposit their foreign earnings in domestic banks within 90 days, a significant increase from the previous 60-day requirement.
The central bank, in a statement released on Monday, also directed companies exporting within Asia to deposit their earnings within 45 days, rather than the earlier 30-day limit.
Myanmar has been under massive economic and societal upheaval since the military coup in 2021. The ruling junta has been implementing various measures to bolster foreign reserves and stabilise the value of the kyat currency.
The dilemma is further exacerbated as Western investors are pulling out of Myanmar, and the imposition of widespread sanctions is impacting trade. The private sector, particularly, is grappling with an acute shortage of foreign…
