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Hteekhee border trade falls by $454.9 mln as of mid-May

Bilateral trade between Thailand and Myanmar through the Hteekhee border over the past seven and half months reflected a decrease of $454.9 million against a year-ago period. Between 1 October and 14 May in the current financial year 2020-2021, the figures sharply fell to US$911.4 million from $1.36 million registered in the previous financial year, according to data from the Commerce Ministry.

The surge in coronavirus cases in Myanmar led Thailand to limit truck drivers’ working hours at the border posts. Consequently, the trade via land border between Myanmar and Thailand sharply fell in the current FY. The Ministry of Commerce stated that natural gas exports from the Taninthayi Region have contributed to an enormous increase in trade through the Htikhee border during the previous years.

The border trade between Myanmar and Thailand through the border areas — Myeik, Kawthoung, Mawtaung, Hteekhee and Meisei posts declined as of 14 May. In contrast, trade via Tachilek and Myawady posts rose due to corn exports. Myanmar primarily exports natural gas, fishery products, coal, tin concentrate (SN 71.58 per cent), coconut (fresh and dry), beans, corns and bamboo shoots to Thailand. It imports capital goods such as machinery, raw industrial goods such as cement and fertilizers, and consumer goods such as cosmetics and food products from the neighbouring country. 

Source: The Global New Light of Myanmar

CBM sells US$24 mln in May at auction rate

The Central Bank of Myanmar (CBM) reportedly sold US$24 million at an auction rate in May, the CBM data showed.
The CBM’s move aims at governing the market volatility, the CBM stated. The CBM sold $6 million each on 12 and 13 May and $3 million each on 17, 18, 20 and 28 May, respectively. The bullish hard currency gained in the local forex market, reaching the peak of K1,730 on 12 May from K1,330 in January-end. In a bid to control the sharp daily gains of the US dollar, the CBM reportedly sold about 6.8 million dollars on 3 February 2021, 6 million dollars each on 22 and 27 April and $24 million in May in the auction market.

Consequently, the exchange rate dipped to K1,580 in May-end. The CBM trades the foreign currency with the authorized private banks under the rules and regulations of the FX auction market. The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-1,465 in February. It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April.

In 2020, the exchange rate moved in the range of K1,465-1,493 in January, K1,436-1,465 in February, K1,320-1,445 in March, K1,395-1,440 in April, K1,406-1,426 in May, K1,385-1,412 in June, K1,367-1,410 in July, K1,335-1,390 in August, K1,310-1,355 in September, K1,282-1,315 in October, K1,303-1,330 in November and K1,324-1,403 in December. In 2019, the rates are pegged at K1,508-1,517 in July, K1,510-1,526 in August, K1,527-1,565 in September, K1,528-1,537 in October, K1,510-1,524 in November and K1,485-1,513 in December. On 20 September 2018, the dollar exchange rate hit an all-time high of K1,650 in the local currency market.

Source: The Global New Light of Myanmar

Myanmar Banks Association announces bank loans should be repaid on time either in cash or in kind

The Myanmar Banks Association has announced that bank loans should be repaid on time and the payment can be made by cash or debit. The Myanmar Banks Association has launched banking services, including the ability to open an account with a minimum deposit of 10,000 kyats to 100,000 kyats in a new deposit account. The current account can be opened by depositing at least 10,000 kyats to 100,000 kyats in cash in the current account. Banks are not compatible with each other and interest rates may vary from bank to bank.

Payment can be made in cash. Withdrawals can be made using cashier’s check (Cash Transfer, CBM Net, Digital Payment, Any Channel). Call Deposit can be used to open an account with a minimum deposit of 10,000 kyats to 100,000 kyats in cash and interest rates may vary from bank to bank. Payment can be made in cash. Withdrawals can be made by check (cash transfer, CBM Net, Digital Payment, Any Channel).

In repaying the loan principal/interest, the loan principal/interest borrowed by the banks is paid in cash or in kind. It also encourages banks to repay their loans before maturity in order to facilitate the smooth repayment of deposits currently deposited with banks by changing the list or accounting method. In addition, a statement from Myanmar Banks Association also state about old deposit accounts, Sale of Payment Order (PO), issuance of Bank Grarantee (BG), Money transfer and TT/ LC services.

Source: Daily Eleven