CBM’s previous regulation on export earnings still in practice, spreading fake news about it to be punished

The Ministry of Commerce announced that it was following the Central Bank of Myanmar’s instructions on the use of export earnings and would take action if it found that inaccurate andfalse news was being spread.

One media outlet described fake news that a stricter rule would be applied, with 65% to be sold at CBM’s fixed rate and the rest 35% to be sold at market price, and that the price of pulses was falling because of this rule, MOC stated.

In CBM’s Notification
No. 26/2023 dated 6 December 2023, only 35% instead of 50% of export earnings will have to be converted into Myanmar kyats as per Notification No. 12/2022.

Therefore, exporters will only have to convert 35% of export earnings at the CBM’s reference rate and the remaining 65% can be converted at the market rate and there is no change to this ratio at present, it stated.

What has been described in that media is fake news and therefore, it has informed that farmers, producers, traders and exporters of agricultural produce like pulses and sesame will only have to follow the Notification No. 26/2023 for their continuous export process.
If any fake news is found to be spread to disrupt the prices in the domestic market and to adversely affect the economy of the state and the people, action will be taken under the Telecommunication Law, MOC said.
Htet Oo Maung/ZN

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