The military council said that they could buy fuel from rice, beans, and corn exports

 

A farmer from Kyang Township drying corn kernels destined for China (old picture)

Due to the difficulty of having to buy fuel from abroad, the military council once again introduced a new policy for the difficulty of needing foreign currency every month.

That is rice, broken rice He instructed to sell 70 percent of the export revenue (foreign currency) from the export of pulses and corn to companies that import fuel.

In this policy, rice, broken rice Companies that export pulses and corn are also allowed to import fuel oil themselves.

Exporters said that with this change, the percentage of the export revenue that must be sold at the central bank's reference price of 2,100 kyats has been reduced.

Seventy-thirty

rice broken rice The export declaration forms of each company that exports pulses and corn must be shown to the central bank

When this system is used, the Customs Department will check the rice, broken rice Export declaration lists of each company exporting pulses and corn will be sent to the Central Bank of Myanmar.

These lists will be sent again to the banks that have the relevant foreign currency trading license (AD) through the Central Bank.

rice beans, The Federation of Commerce and Industry has informed that the companies that export corn must add 70 percent of the export revenue (foreign currency) to the foreign currency account of the companies that import fuel.

When 70 percent of the export proceeds are sold to companies that import fuel, they will have to transact on the Online Trading Platform of AD licensed banks, which can also be transferred from different banks.

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rice beans, If the exporting company itself imports motor oil, it must pay from 70 percent of the export revenue.

When companies that will import fuel apply for licenses, rice, broken rice You will also have to submit original proof of export receipts from pulses and corn or purchase of export receipts from these companies.

The military council has announced that they spend more than one thousand to two thousand US dollars annually on fuel from abroad.

95 percent of imported fuel is used for transportation and factories. It is said that the remaining 5 percent is used in the workshops and used in the production of electricity.

After selling 70 percent of the export earnings for fuel, the remaining 30 percent will be sold in two ways.

He instructed that 35 percent of the remaining 30 percent of export earnings must be exchanged within one day at the central bank's reference price of 2,100 kyats per dollar.

Out of 30 percent of export revenue, 65 percent must be sold to AD licensed banks at the market price occurring in the foreign currency market (Online Trading Platform).

Similarly, 70 percent of the export revenue (foreign currency) from rubber exports is also instructed to be sold to companies that import fertilizers.