Myanmar's central bank blacklists 137 more companies for violating regulation

The Central Bank of Myanmar (CBM) has added 137 more companies to a blacklist for failing to deposit export earnings into accounts in domestic banks within the prescribed periods.

Yangon [Myanmar], June 4 (ANI/Xinhua): The Central Bank of Myanmar (CBM) has added 137 more companies to a blacklist for failing to deposit export earnings into accounts in domestic banks within the prescribed periods. The decision came after multiple efforts, including issuing notices and revoking exporter and importer registrations, the central bank said in a statement on Friday.

The CBM added the export companies and their members on boards of directors to a blacklist for not repatriating the earnings from goods exported in 2019, the statement said. On May 9, the central bank also blacklisted 158 export companies for violating the same regulation.

Under the country's foreign exchange management regulation, all exporters in Myanmar are required to deposit export proceeds into bank accounts in the country within the prescribed periods. (ANI/Xinhua)

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