U Aung Aung, director general of the Central Bank of Myanmar (CBM), warned on August 29 that effective supervisory and control measures will be taken against companies, organizations and individual persons in line with the foreign currency management regulations if they continue to hold their export earnings or foreign currencies beyond a prescribed period.   

“Till August 26 this year, exporters, transferors and AD licensed banks still have about 19 million US dollars in their hands. They need to transfer their money abroad on a timely basis for import purposes. If they still hold their money beyond a prescribed period waiting for a higher foreign exchange rate, they will face actions in accord with the foreign currency management rules,” U Aung Aung said.    

Regarding the foreign incomes of exempted companies, organizations and individuals, the CBM has allowed them to spend their money for themselves, transfer to others or sell to AD licensed banks with a notification dated August 16, 2022, he pointed out.