Myanmar’s military junta has imposed new restrictions on the import of pharmaceuticals in an effort to shore up the country’s dwindling foreign currency reserves, according to industry sources.
Under the new rules, which went into effect on September 1, pharmaceutical importers must repatriate export earnings in order to receive an import licence.
The restriction was set by the regime’s Foreign Exchange Supervisory Committee, led by General Mya Tun Oo. The Ministry of Commerce announced the move in a notice sent to the Myanmar Chamber of Commerce for Pharmaceuticals and Medical Devices on August 28.
The notice also stated that import licence applications submitted online through the TradeNet 2.0 system would no longer be accepted.
According to the notice, 116 pharmaceutical companies that received licences under the system in October of last year will have to reapply. The total value of these licences is US$104 million. . .
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