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During the public holidays, the Myanmar Port Authority and ports are providing non-stop operation services to ensure the smooth flow of cargo

During the public holidays, the Myanmar Ports Authority and ports are providing non-stop operations to ensure the smooth flow of cargo. Effectively prevent COVID-19 infections; Control During the nine-day public holiday from July 1 to 25, the Myanmar Ports Authority and ports will provide non-stop services to ensure the smooth operation of international trade and cargo flows, according to the Myanmar Ports Authority. In addition, the deployment of ships will take place on July 18 during the holidays. Delivery Order (DO) will be issued at the Agent Department on July 20 and 22, and if necessary, you can contact the relevant lines of the Agent Department.

To increase imports to meet domestic demand, a total of 37 container vessels will be added to each shipping line this month (July). According to data released by the Myanmar Ports Authority, it is planned to expand the services of various container carriers in order to increase open season exports and increase imports according to domestic demand. More international container and general cargo ships have arrived at Yangon ports since May, handling more than 11,000 containers and 115,000 metric tons of general cargo, according to the Myanmar Ports Authority. Yangon Port is under the supervision and management of the Myanmar Ports Authority. Due to the cooperation of shipping lines and importers, container vessels can be serviced in an average of three days in May 2021.

Shipments and cargo handling have risen since May, handling more than 11,000 containers and 115,000 metric tons of general cargo. In June, up to 40 container vessels entered the country. Maersk Line Myanmar (Sealand Maersk) has launched three new container vessels to meet the needs of maritime trade. The three new ships will have a capacity of 1,750 TEU 21,000 metric tons (9.5 meters in depth) and were built specifically for the Myanmar market. With the expansion of these new container vessels, there will be enough space & equipment for exports and shipments will not have to wait for a booking. The discovery of a new waterway on the Yangon River has allowed international vessels to enter and leave the port of Thilawa, which has been allowed to raise the water limit. According to a statement from the Myanmar Ports Authority, 152 vessels over 30,000 tonnes entered Rangoon port and Thilawa port in the five months since the new dam was allowed to be extended due to the discovery of a new waterway on the Yangon River.

Source: Daily Eleven

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CBM sells $78 million over five past months

The Central Bank of Myanmar (CBM) sold US$78 million at an auction rate over the past five months this year. The bullish hard currency gained in 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, $12 million in April, $24 million in May, $12 million in June and $24 million as of mid-July in the auction market. Consequently, the exchange rate stands at around K1,650 in mid-July.

The CBM trades the foreign currency with the authorized private banks under the rules and regulations of the FX auction market. The CBM’s move is aimed at governing the market volatility and supporting the state’s foreign exchange reserves, the CBM stated. The currency intervention is required to steer the own currency value. It is one of the responsibilities of the CBM to control the price. This is why the CBM practiced the foreign exchange intervention. The dollar gain will benefit the exporters. Yet, it will hike up the local food prices. The currency intervention is required to steer the own currency value.

The current political changes in Myanmar affect the currency market. Some people want to hold the hard currency during the difficult times, a market observer shared his opinion. 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. The rate fluctuated between K1,585 and K1,730 in May and it moved in the maximum of K1,595-1,620 last month.

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