With the advent of the era of high inflation and high prices, unemployment in various countries is rising and people’s lives are difficult. The economy of many countries has been affected to varying degrees, and many enterprises will even face bankruptcy. The current export to these countries, be sure to pay attention to the security of payment…
Sri Lanka is in a deep economic crisis
Sri Lanka is currently experiencing its worst economic crisis since independence in 1948 due to COVID-19 and high fuel prices.
Sri Lanka has defaulted on its sovereign debt for the first time since independence from the United Kingdom in 1948.
Sri Lanka faces severe shortages of fuel, food and medicine due to a severe economic crisis, with power outages lasting hours every day and petrol and diesel queues. The impact on the lives of local people was extremely severe, many factories and businesses could not operate at all, and the country’s economy suffered a huge loss.
On April 9, Sri Lanka’s Ministry of Finance issued a special communique announcing import and Export Control Measures No. 6 of 2022, restricting the import of 367 kinds of non-essential products from April 10. Importers need to import relevant products with valid licenses recommended by the Permanent Secretary of the Ministry of Finance and issued by the Import and Export Control Bureau. These include apples, butter, dates, oranges, curds, yoghurt, oats, chocolate, coffee, cornflakes and pasta, as well as beer, white wine, cigarettes, perfume, cosmetics, washing machines, air conditioners, microwave ovens, rice cookers, toasters and teapots.
Lebanon’s government is bankrupt and its economic crisis continues
Lebanon’s central bank and government are insolvent, deputy Prime Minister Saad Shami announced On April 4. At the beginning of 2022, Lebanon’s economic situation once improved, but since the country’s economy was very dependent on imports, since the outbreak of the Russia-Ukraine conflict, Lebanon’s transportation routes for purchasing various materials in the past could not continue to pass through the Black Sea. After being forced to go around the long distance, the transportation cost increased, and the domestic prices in Lebanon rose sharply. Annual inflation surged to 215 per cent in February.
Myanmar tightens foreign exchange controls
The Central Bank of Myanmar issued Decree No. 12 of 2022 on April 3 in accordance with Article 49 (b) of the Foreign Exchange Management Act, according to The Golden Phoenix Chinese-language Newspaper of Myanmar.
According to the provisions of Articles 11, 12 and 13 of the Foreign Exchange Control Law, the local people’s foreign exchange income obtained from abroad shall be remitted back to Myanmar, and a foreign exchange account shall be opened in a bank with a foreign exchange operation license (AD Bank), and the foreign exchange shall be converted into Kyat within one working day upon receipt of the account.
Mongolia is short of foreign exchange reserves and in a state of thrift
Mongolia’s commercial banks have suspended cash withdrawals of major international currencies such as the US dollar, euro and Chinese yuan, as the country’s foreign exchange reserves run short and the tugrik continues to fall in value.
Local media believe that the recent period of time, Mongolia’s export income decreased resulting in the country’s foreign exchange market cash shortage, coupled with the surge in foreign exchange demand of enterprises and individuals, is the main reason for commercial banks in Mongolia to suspend foreign currency cash withdrawal business measures. Mongolian authorities announced on April 10 that they plan to go into a state of total austerity, and are currently working on or implementing corresponding measures.
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Post time: May-27-2022