Myanmar’s central bank extends deadline for exporters’ foreign earnings deposit

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 currency, as the strain on foreign reserves intensifies.

According to the World Bank, the Southeast Asian nation’s economic growth is predicted to be a meagre 1% in the fiscal year leading to March 2024, reported Bangkok Post.

In related news, Myanmar’s junta chief, Min Aung Hlaing, faces severe allegations as a human rights group and Yale Law School’s Scholl Center accuse him of orchestrating a special command deploying snipers to kill unarmed protestors, instilling fear. In their comprehensive report titled “Nowhere is Safe,” based on leaked documents and 128 testimonies, the groups identify 61 military and police commanders, including six active-duty army personnel, for potential investigation into crimes against humanity. The special command in Naypyidaw is alleged to be run by four of Min Aung Hlaing’s top generals. The report also reveals verified internal memos instructing police to arbitrarily arrest protestors, activists, and members of the ousted ruling party, accompanied by testimonies from alleged torture victims. The UN High Commissioner for Human Rights had previously accused Myanmar’s army of war crimes and crimes against humanity, including horrific acts in Kayah State.