CBM to govern export earnings to be deposited into local bank accounts

The Central Bank of Myanmar (CBM) will steer private sectors to ensure that the foreign currency earned from exports will be deposited in the local bank accounts, the CBM’s governor Daw Than Than Swe said. On 20 March, the governor made that remark at a meeting held in Nay Pyi Taw with the companies that fail to deposit export earnings.

According to Sections 18 (A) and 38 (B) of the Foreign Exchange Management Law and directive 27/2021, exporters to Asian countries must deposit their export income within 45 days from the starting day. Those shipping goods to countries outside Asia must deposit income within 90 days.

The Central Committee on Ensuring Smooth Flow of Trade and Goods, the Ministry of Commerce, the Bureau of Special Investigation and the Working Group on facilitation of Trade and Goods are monitoring whether there is actual export income into the local bank account or not. Export earnings are one of the main foreign capital inflows. It also plays a pivotal role in stabilizing the forex market. Strong compliance of the export companies to the Foreign Exchange Management Law, rules and regulations will facilitate money flows. 

Source: The Global New Light of Myanmar

Diesel price tumbles near to seven-month low in late March

The current retail price of diesel dropped to a seven-month low in late March, said a truck owner. On 22 March, the retail prices were up by K75 per litre for Octane 92 and K60 for diesel. On 7 August 2021, the prices stood at K1,615 per litre of Octane 92 and K1,970 for diesel. On 21 March 2023, retail reference prices for Yangon Region were K1,815 per litre of Octane 92, K2,050 for Octane 95, K2,000 for diesel and K2,080 for premium diesel.

The current diesel price is near the low price recorded seven months ago. Meanwhile, the Octane price is still up by K350 per litre compared to that recorded in August 2021. At present, transportation sectors see launching ceremonies of Electric Vehicles (EVs). It could cut fuel consumption to a certain extent.

Following the dip in world crude oil prices, fuel oil prices sank to below K2,000 per litre. Diesel prices plunge so the freight forwarding businesses save some cost. The public is a little unknown of the price decline. Nonetheless, those engaged in the transportation sectors and agriculture industries blamed the price increase of fuel oil along with other inputs such as fertilizer. 

Source: The Global New Light of Myanmar