"Myanmar reins in employment agencies to harvest remittances", 29 August 2024

Myanmar's cash-strapped military regime has intensified its scrutiny of the nation's 580 labor agencies in a bid to make more money from overseas workers' remittances to address its foreign currency shortage and stabilize the economy.

The Ministry of Labor ordered the employment companies to submit in person evidence of remittance transfers by overseas workers to its headquarters in the capital, Naypyitaw, according to a directive dated Aug. 12 seen by Nikkei Asia. Failure to comply could result in the suspension of their operations, the ministry warned.

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The regime has been pressing agencies to ensure that the more than two million workers who work overseas officially comply with regulations and remit at least 25% of their foreign earnings to their families through the banking system or authorized channels at a set exchange rate.

This move is part of the regime's broader strategy to alleviate its foreign currency shortage, which has contributed to rising economic instability. ...