The Central Bank of Myanmar (CBM) organized a coordination meeting on outstanding export proceeds with the companies in Nay Pyi Taw yesterday.
During the meeting, CBM Governor Daw Than Than Swe said the meeting is aimed at the companies that fail to deposit the export earnings to know and follow the law, rules and directives issued by the CBM.
The CBM supervises whether the exporters deposit their export incomes into their bank accounts in the country according to Section 18 (a), Section 38 (b) of Foreign Exchange Management Law, Paragraphs 35, 36 and 37 of Foreign Exchange Management Regulations and Notification No (27/2021) by cooperating with the relevant ministries and departments.
Then, the deputy minister for Commerce and joint secretary of the Central Committee on Ensuring Smooth Flow of Trade and Goods explained the deposit of export proceeds, time frame management for conversion of export proceeds by the government and other activities of the government.
The meeting also discussed the key role of export incomes in stabilizing the foreign exchange market and the duties of export companies to follow the Foreign Exchange Management Law, Foreign Exchange Management Regulations, instructions of CBM and the Ministry of Commerce to streamline the currency flows in the country. Then, the officials of export organizations of UMFCCI and export companies coordinated the discussion and reported on their difficulties, and the relevant officials resolved them.—MNA/KTZH