Commerce ministry cracks down on unreported export earnings
The Ministry of Commerce is working with the Central Bank to crack down on unreported export earnings, according to Union minister U Than Myint. The government has adopted a multi-pronged strategy to try to counter the volatile US dollar-kyat exchange rate, which has prompted widespread complaint from Myanmar’s business community. One area of focus is export earnings, a large proportion of which are either not processed through the official financial system or are deliberately misreported, according to senior government and Central Bank officials. “We are working with businessmen to make sure export proceeds are returned [to Myanmar],” said U Than Myint. “Only if export flows become official will there be more US dollars [in the financial system] and the exchange rate will be stabilised, and the export-import process with be smooth.”
