When there were attacks on Myanmar’s banking system to collapse, assistance was rendered to the banks, but some of them are now disloyal to the State, said Major General Zaw Min Tun, spokesperson of the State Administration Council and Deputy Minister for Information.

He was replying to the question of a reporter about any plan to relax the restrictions on exporters during a press conference of the SAC information team in Nay Pyi Taw on August 22.

“It is known to all when it comes to businesses. In 2021 we focused our measures on addressing the banking issue. The media also pointed out with evidence. There were long queues at the banks to withdraw their cash. The first attempt was to make the banking system collapse. When it fell, the country’s economy would collapse as well. At that time, the Prime Minister rendered help to the banks. He gave help as much as possible. They survived with the help of the Central Bank. But some of those banks are no longer loyal. As for the stability, we are cooperating with the banks and UMFCCI (Union of Myanmar Federation of Chambers of Commerce and Industry). We will be watching their steps,” Maj-Gen Zaw Min Tun said.

He continued to say that a special right has given to importers of cooking oil, fuels and medicines, and the money required for those imports comes from the exporters.  

He said 50 percent of the exporters’ earnings is bought for 2,900 kyats per US dollar and then sold to importers.

“We buy a dollar for 2,900 kyats and sell it just for 2,922 kyats. Just think of it. However, look at the black market where a US dollar is worth over 3,500 kyats. What should we call them if they are not avaricious persons? This is not our accusation. I am showing this with proof. Regarding these issues, we have to take necessary action, said Maj-Gen Zaw Min Tun.  

The government is relaxing the restrictions gradually while encouraging imports, he added.