Factories to strictly adhere to CBM’s rules in inward remittance

Those factories that do not have a record of foreign currency inflows proceed with the compulsory conversion of international fund transfers following the rules stipulated by the Central Bank of Myanmar, Union Minister Dr Pwint San of the Ministry of Labour gave a remark at a meeting regarding the CMP business role in national development held on 11 January.
The CBM undertook inspections across the foreign currency inflows of the 738 factories working on a Cutting-Making and Packaging basis. Between 22 September and 14 November 2022, only 362 factories recorded foreign currency inflows, while 284 lacked inward remittance. Furthermore, 92 factories do not have valid accounts at the designated banks. Those banks have to utilize the banking system for operating cash flow. Additionally, foreign currency inflow plays a pivotal role in the national economic development.
The CMP business supervisory committee is also directing the execution of the factories to check whether they comply with the directives issued by the Ministry of Planning and Finance, pay the tax liability, provide benefits and incentives to the employees, and keep financial records. —TWA/EMM