Myanmar bank blacklists 137 companies

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, revoking exporter and importer registrations were made, Xinhua news agency quoted the bank as saying.

The CBM added the export companies and their members of 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. (IANS)

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