Over 450 companies still fail to repatriate export earnings in 2021

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A bird’s-eye view of containers of shipping lines at Yangon Port’s container yard.

The Ministry of Commerce’s statistics indicated that more than 450 companies have yet to repatriate their export earnings in 2021.
Those companies still failed to repatriate over US$462 million as of 26 April.
Export earnings must be deposited into the domestic bank accounts within 45 days for the goods to be exported to Asian countries and within 90 days for other countries outside Asia.
Those who fail to make compulsory repatriation will face action under the Foreign Exchange Management Law, according to Notification 27/2022 of the Central Bank of Myanmar.
The exporters can contact the Foreign Exchange Management Department at 067 3418754 and the Trade Department at 067 3408258 and 067 3408281 to make further inquiries.
The Trade Department stated on 6 October 2023 that CBM should send the list of companies that fail to deposit export earnings within a repatriation timeline to the Ministry of Commerce and inform the respective authorized dealers (banks) about the list simultaneously. The Trade Department will notify the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) of the list so that they can make a deposit again. Additionally, the Trade Department will suspend the exporter/importer registration for two weeks after the notice to those companies if the export earning is not repatriated. Only when CBM informs the Trade Department about the companies whose export earnings have been settled can the export and import registration be restored.
Those companies that continue to fail to deposit export earnings even after the suspension of registration will face legal action under Section 42-a of the Foreign Exchange Management Law. The Trade Department notified the exporters on 6 October of the mandatory rules to repatriate export earnings within a specified period. — NN/EM

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