Myanmar's central bank blacklists 158 companies for violating regulation

Naypyidaw [Myanmar], May 10 (ANI/Xinhua): The Central Bank of Myanmar (CBM) has added 158 companies to a blacklist for failing to deposit export earnings into accounts in domestic banks within the prescribed periods.
The decision came after multiple efforts including issuing notices, revoking exporter and importer registrations were made, the central bank said in a statement on Monday.
The CBM added the export companies and their members of boards of directors to a blacklist for not repatriating the earnings from goods exported in 2016, 2017 and 2018, the statement said.
Under the country's foreign exchange management regulation, all exporters in Myanmar are required to deposit export proceeds into bank accounts in the country within the prescribed periods. (ANI/Xinhua)