Beginning next month, importers in Myanmar will face new restrictions aimed at reducing the amount of money flowing out of the country, according to business sources.
The restrictions, announced by the junta’s ministry of trade and commerce on May 30, will penalise importers who receive goods before they get an import license.
It has long been common practice in Myanmar for importers to place orders before they get official authorisation due to the length of time that it takes to get such approval.
“For the most part, we can’t count on getting licenses even if we apply five or six months in advance,” said the owner of a trading company who spoke to Myanmar Now on condition of anonymity.
To get around such delays, many companies will arrange for goods that arrive prior to approval to be held by customs in storage until licenses are finally granted. This. . .
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