Income from trading, non-trading activities scrutinized at banks

In relation to foreign currency remittance abroad, the commercial income and non-trading business income flowing into the bank have been verified and permitted, said Maj-Gen Zaw Min Tun, SAC’s Information Team leader, at the eighteenth SAC Press Conference.
“The foreign exchange supervision committee was formed to implement the necessary measures to stabilize the foreign exchange rate and use it efficiently. Regarding foreign currency transfer, commercial income and non-trading business income which enter the bank are scrutinized and supervised,” he said.
In addition, in the case of foreign loan suspension, he said, it is important to have capital and labour availability for the economic recovery in the post-COVID-19 period. A period to pay the loans back is extended and there will be interest to pay. The central bank’s suspension for a period of time is to provide support to speed up the businesses.
He also said there is no reason that Myanmar will become a country like Sri Lanka as an adequate amount of Yuan and USD have been collected. There are limitations on imports to save foreign currency. In the case of goods which are not limited by the Ministry of Commerce, importation can be done with set regulations. If they are limited goods, they are not yet to be allowed to import. — TWA/GNLM