Inside the "Shwe Padauk Myaing" scam hub: torture and human trafficking uncovered in Myawaddy

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Major General Saw Chit-thu (left), Major General Saw Tin Win (middle) and Colonel Saw Htoo Eh-mu (right) are seen at the ceremony to officially change the name of the BGF to the KNA on January 1. A Chinese national who escaped from the Yulong Bay (aka Shwe Pi Tauk Myaing) online money laundering operation near Thae Pon village in Myawaddy township, owned by Colonel Saw Htoo Eh-mu, the son of Karen National Army (KNA) leader Major General Saw Chit-thu. Many foreigners are being tortured and forced to work in the Yulong Bay (aka Shwe Pi Tauk Myaing) online money laundering operation near Thae Pon village in Myawaddy township, according to a Chinese national who escaped from the operation. Mizzima Special Correspondent Han Htoo Zaw (Mizzima)  A Chinese survivor who recently escaped the Yulong Bay (also known as Shwe Padauk Myaing) online scam compound near Thae Pone village, Myawaddy Township, has exposed a brutal system of daily torture, extortion, and forced labour involving over ...
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Central Bank of Myanmar eases mandatory export conversion ratio to 15 percent amid tightened import controls

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Mizzima

In a major policy shift effective 1 January 2026, the Central Bank of Myanmar (CBM) has reduced the mandatory portion of export earnings that must be converted into local currency from 25 percent to 15 percent.

According to Notification No. 2/2026, exporters are now required to sell only 15 percent of their foreign proceeds at the central bank’s fixed reference rate of 2,100 kyats per U.S. dollar. The remaining 85 percent can be held or traded through authorized dealer (AD) banks at the online trading rate, which currently hovers around 3,650 kyats per dollar though still significantly lower than the unofficial market rate of approximately 4,000 kyats.

While the relaxation has been welcomed by some exporters as a step toward better liquidity, industry operators warn that the benefits are largely theoretical due to severe structural constraints.

“We can retain more, but the remaining 85 percent cannot be used freely,” one Mandalay-based exporter noted, explaining that funds in AD accounts are often trapped or must be sold back to the bank because transfer capabilities to other importers have been restricted.

Currently, only companies with their own import licenses can effectively utilize these retained funds. The easing of export rules contrasts sharply with a near-total lockdown on the import sector.

Since June 2025, the junta has intensified restrictions, creating what business owners describe as an “almost completely closed” environment for non-essential goods.

This tightening is particularly evident in the energy sector. On 8 January, the junta ordered several major fuel importers, including Denko and Max Energy, to repay over 540 billion kyats (approx. $257 million) for alleged dollar manipulation.

These mounting pressures, combined with electricity outages and double-digit inflation, continue to stifle the private sector as the junta prioritizes its dwindling foreign reserves for essential military and state-run imports.

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