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The COVID-19 vaccine will be given up to 50 percent of the population by 2021

The COVID-19 vaccine will be given to up to 50 percent of the population by 2021, according to the Ministry of Health and Sports. Currently, one million vaccines will arrive in Myanmar this month, with more coming in the coming months, according to the Ministry of Health and Sports. At present, the Covishield vaccine purchased from Myanmar cannot be exported from India on time. Vaccines are being made available in Russia, and the public will be required to wear a nasal mask after the vaccination. Hand washing; According to the Ministry of Health and Sports, preventive measures such as separation from each other will continue.

Efforts are also being made to make the current immunizations available as soon as possible. Private health care providers and staff; Volunteers will be given priority. 300,000 people have been donated the COVID-19 vaccine Sinopharm in China, which has a population of 150,000. The vaccine is currently being administered in different regions and states. Quotas are distributed depending on the outbreak, and the priority list includes education staff from basic to higher education, with limited access to hundreds of thousands of COVID-19 vaccines. About 1.75 million people have received the full COVID-19 vaccine in Myanmar, the Union Minister for Health and Sports said at a COVID-19 coordination meeting on July 7.

Vaccination services are also being given to target groups depending on the availability of drugs, and about 1.75 million people have received the full vaccine. The Union Minister also said that private health care organizations have been allowed to import and sell their vaccines with the permission of the Food and Drug Administration. The Ministry distributed 12 million oral masks in June 2021 and plans to distribute another five million in June 2021 to raise awareness of preventive measures among the people. These oral and nasal masks (Surgical Masks) were distributed in townships, Neighborhood Crowded markets in villages; The Union Minister said that free distribution was being carried out at places such as bus stops.

Source: Daily Eleven

Telenor sold its Myanmar operations to Lebanese-based M1 Group for $ 105 million

Norwegian telecom giant Telenor has announced the sale of its operations in Myanmar to Lebanese investment company M1 Group for $ 105 million, the company announced on July 8. The current situation and the deteriorating situation in Myanmar are the main reason why the company decided to leave, Telenor said in a statement.

In May this year, Telenor announced a loss of $ 752 million (KR 6.5 billion) after severe restrictions on mobile services in Myanmar since February 1. The deal could be worth about $ 600 million indirectly, and M1 Group will take over all of Telenor’s stake in Myanmar and resume its current operations. The situation in Burma has become more difficult for Telenor in recent months due to public safety and regulatory reasons, said Telenor chief executive.

Telenor is also one of the largest foreign investors in Myanmar. Telenor, a Norwegian state-owned telecommunications company, also operates in Scandinavia, Bangladesh and India. Pakistan Thailand It also operates in Asian countries, including Malaysia and Myanmar, with 187 million users. In Myanmar, which has a population of 54 million, Telenor has about 18 million users, a third of the population.

Source: Daily Eleven

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Republic of the Union of Myanmar Request information of Central Committee for Prevention, Control and Treatment of Coronavirus Disease 2019 (COVID-19)

14th Waning of Nayon 1383 ME

8 July 2021

  1. As the variant COVID-19 is spreading across Myanmar at present, number of infected persons is on the rise day by day.
  2. As such, the information was released that basic education schools (including private schools and monastic education schools) opened across Myanmar will be closed temporarily from 9-7-2021 to 23-7-2021 in order to control and prevent the spreading of COVID-19 infection in time.

Source: The Global New Light of Myanmar

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100 companies struck off register due to AR absence: DICA

A total of 100 companies has been struck off the register as they fail to submit an annual return (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). The DICA has notified any registered company which fails to submit its AR on MyCO are to be suspended. The DICA found that 100 companies failed to restore their status within six months of suspension under 430 (F) of Myanmar Companies Law and the companies were struck off the register starting from 5 July, according to the DICA’s notification. All registered companies need to file AR on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation), according to Section 97 of the law.

According to Section 266 (A) of the Myanmar Companies Law 2017, public companies must submit annual returns and financial statements (G-5) simultaneously. All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending, as per Section 53 (A-1) of the Myanmar Companies Law 2017. As per DICA’s report, more than 16,000 companies were suspended for failing to submit AR forms within the due date. Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns. The DICA has notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I9A). If it fails to submit the AR within 28 days of receiving the notice, the system will show the company’s status as suspended.

Companies can restore their status only after shelling out a fine of K50,000 for AR fee, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents, totalling K250,000. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the register, according to the DICA notice. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, topped more than 2,000 in the first half of this year. Normally, MyCO is receiving more than 1,000 applications from new companies every month. At present, 100 per cent of the applicants are using the online registration platform, according to data provided by the DICA.

Source: The Global New Light of Myanmar

Kyat weakening in local forex market despite CBM dollar selling

Kyat is depreciating against the US dollar at K1,660 in the local forex market although the Central Bank of Myanmar (CBM) sold dollars to control the value of the currency. In the first week of July, the CBM sold 6 million dollars at an auction rate. To govern the market volatility, it also sold 12 million dollars in June. 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 in the local market, the CBM reportedly sold $24 million in May. Consequently, the exchange rate slightly fell to K1,580 in May.

Nevertheless, it touches a high of above K1,650 for now. 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.

The rate fluctuated between K1,585 and K1,730 in May and it moved to 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

Stock trading volume on YSX slightly rises in June

The number of shares traded on the Yangon Stock Exchange (YSX) slightly increased to 79,296 shares in June 2021 but the trading value slipped to K430.285 million, the YSX’s monthly report indicated. Amata Holding Public Co., Ltd (AMATA) was newly listed on the exchange on 3 June, with the basic price of K4,500. In June, the shares of six listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH), the Ever Flow River Group Public Co., Ltd (EFR) and AMATA were traded in the equity market. The share prices per unit were closed at K9,000 for FMI, K3,500 for MTSH, K8,100 for MCB, K20,000 for FPB, K2,800 for TMH, K3,200 for EFR and K5,000 for AMATA respectively.

In February 2021, K442 million worth of 77,388 shares were traded on the exchange. The figures extended further drops to K110 million worth of 19,816 shares in March 2021. Then, the market slightly rose in April with K280 million worth of 42,964 shares. The stocks maintained in the bull market in May with 78,642 shares worth K432.448 million as well. The stock markets worldwide have reported their largest declines since the 2008 financial crisis. Similarly, the local equities market is also scared by the COVID-19 crash, a market observer points out. At present, people are keeping emergency savings, rather than making investments amid the COVID-19 crisis and current political conditions, he added.

Amid the COVID-19 crisis and political changes, Myanmar’s securities market has been able to continue operating without stopping trading. In 2020, the value of stocks traded on the exchange reached a peak of K1.48 billion in February, whereas trading on the exchange registered an all-time low of K552.9 million in November due to the COVID-19 resurgences in Myanmar, the exchange’s monthly report showed. A total of K12.6 billion worth of 1.87 million shares by six listed companies were traded on the exchange in 2020, a significant drop compared to 2019. Over 2.4 million shares from five listed companies, valued at K13.39 billion, were traded on the exchange in 2019, according to the annual report released by the exchange.

Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020. Furthermore, YSX launched a pre-listing board (PLB) on 28 September 2020 to provide unlisted public companies with fund-raising opportunities and build a bridge toward listing on YSX, YSX stated. The YSX was launched four years ago to improve the private business sector. It disseminates rules and regulations regarding the stock exchange and knowledge of share trading through stock investment seminars. The stock exchange has also sought the government’s support to get more public companies to participate in the stock market and help more institutional investors, such as financing companies, investment banks, and insurance companies, to emerge.

Source: The Global New Light of Myanmar

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Myanmar ships over 136,000 tonnes of pigeon peas as of 25 June

Myanmar exported more than 136,632 tonnes of pigeon peas to the foreign trade partners between 1 October and 26 June in the current financial year 2020-2021, according to the Ministry of Commerce’s trade data. The country generated an income of US$91.54 million from the exports of pigeon peas in nearly nine months. At present, the price of pigeon peas in India is declining on steady inflow from Ethiopia, Tanzania, Malawi and Sudan. The pigeon peas fetch around K1,080,000-1,120,000 per tonne depending on varieties. The demand is quite slow, said an exporter. Myanmar’s pigeon peas are primarily shipped to India and also exported to Singapore, the US, Canada, Pakistan, the UK, and Malaysia. But, the export volume to other countries rather than to India is extremely small.

The domestic bean market is positively related to the law of supply and demand, said an official of Myanmar Pulses, Beans and Sesame Seeds Merchants Association. Myanmar can export 250,000 tonnes of black gram (urad) and 100,000 tonnes of pigeon peas under the G to G (government to government) pact during the April-March period between the 2021-2022 financial year and the 2025-2026 FY. The bilateral negotiations for the G-to-G pact started in 2016 and the two countries signed an MoU on 18 June 2021. Additionally, this G-to-G pact will not relate to India’s yearly quota on bean import. Therefore, Myanmar exporters can ship them under this quota as well. Since 2017, India has been setting import quota on beans including black grams and pigeon peas.

Therefore, the growers faced difficulties to export their beans to the Indian market in the previous years. This year, the G-to-G pact ensured a strong market next five years, along with other relaxations on import quota, Myanmar Trade Promotion Organization under the Ministry of Commerce stated. In the 2017-2018FY, over a million tons of black grams, pigeon peas, and green grams were shipped to foreign countries. Nevertheless, the earnings were registered at just $713 million owing to the price drop. Myanmar shipped over 1.6 million tonnes of different varieties of pulses, especially black grams, with an estimated worth of US$1 billion, to other counties in the FY2018-2019. During the last FY2019-2020 ended September 30, the country delivered 1.6 million tonnes to external market, generating an export value of $1.195 billion. 

Source: The Global New Light of Myanmar

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Bilateral trade with Bangladesh hits $32 mln this FY

Bilateral border trade stood at over US$32.89 million as of 25 June in the current 2020-21 financial year, which saw a decrease of $17.7 million from the corresponding period of last year, according to the Ministry of Commerce. The border trade during the period has dropped by $17.7 million, compared with that of the same period last year when the total bilateral border trade was only $50.6 million.

The country’s exports to Bangladesh totalled $14.28 million, while its imports were $18.6 million. Myanmar exports goods to Bangladesh through both maritime and land routes. Bilateral border trade is conducted mainly through the Sittway and Maungtaw points of entry.

The products traded between the two countries include bamboo, ginger, peanuts, saltwater prawns and fish, dried plums, garlic, rice, mung beans, blankets, candy, plum jams, footwear, frozen foods, chemicals, leather, jute products, tobacco, plastics, wood, knitwear, and beverages. At present, Myanmar’s border trade with four neighbouring countries—China, India, Thailand and Bangladesh totalled $7.65 billion, shared by $4.98 billion in export and $2.66 billion in imports. 

Source: The Global New Light of Myanmar

CBM sells $3 million for first time in July

The Central Bank of Myanmar (CBM) sold US$3 million on 5 July for the first time this month at an auction market rate of K1,625. The CBM reportedly sold $12 million at an auction rate in June. The CBM’s move is aimed at governing the market volatility. 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, $24 million in May and $12 million in June in the auction market.

Consequently, the exchange rate stands at K1,650 at present. 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. The rate fluctuated between K1,585 and K1,730 in May and it moved to 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

The Central Bank of Myanmar sold $ 54.8 million at a foreign exchange auction within five months, the highest in May

From February to the end of June 2021, the Central Bank of Myanmar sold more than $ 54 million in foreign exchange auctions, with the highest sales in May, according to data released by the Central Bank of Myanmar. The Central Bank of Myanmar sold $ 6.8 million a month in February 2021. No sales in March. $ 12 million in April; It sold $ 24 million in May and $ 12 million in June. In January 2021, the central bank bought $ 1.8 million. Monthly sales from January to December 2020 were $ 39.5 million in January 2020; $ 31.5 million in February; $ 21 million in March; $ 16.7 million in May; 39.1 million in June; $ 31.1 million in July; $ 35.6 million in August; $ 44.2 million in September; $ 43 million in October; $ 100,000 in November; It bought $ 7.8 million in December and $ 2.7 million in April 2020. 

It was resold in December 2020 for $ 3 million. It bought $ 1.8 million in January 2021 and sold $ 6.8 million in February. Short-term rise in foreign exchange rates; The central bank is launching a foreign exchange auction to reduce inflation and increase foreign reserves. The Central Bank of the Republic of the Union of Myanmar is responsible for its foreign exchange operations. A rule-based foreign exchange auction is underway to reduce inflation and implement the state’s two foreign reserves. Rules for Central Bank of Myanmar Competitive Auction Instructions are set out and these rules and regulations Authorized Dealer (AD) licensed foreign currency trading banks participating in the foreign currency auction in accordance with the instructions: three state-owned banks; Buying foreign currency with 19 local private banks and 13 foreign bank branches; And sales.

The Central Bank of Myanmar’s foreign exchange operations include short-term exchange rate fluctuations; Comparing the exchange rate of Myanmar kyat with one US dollar to the previous day reference exchange rate to reduce the depreciation; By comparison, the percentage devaluation of the Myanmar kyat exceeds the stipulated level (opening a competitive auction for the sale of US dollars, the percentage of appreciation of the Myanmar kyat exceeds the stipulated level). Comparison with Myanmar kyat to US dollar exchange rate. By comparison, a percentage of the appreciation of the Myanmar kyat exceeds the stipulated rules to open a competitive auction to buy foreign currency (US dollars); To buy foreign currency submitted by AD banks between the highest exchange rate and the lowest exchange rate announced by the Central Bank in the competitive auction. Submissions for sale are purchased and sold by the Central Bank of Myanmar using Refinitiv (formerly Thomson Reuters) ‘s Real Time Dealing Platform. For sale Opening a competitive auction to buy (US $).

To buy foreign currency submitted by AD banks between the highest exchange rate and the lowest exchange rate announced by the Central Bank in the competitive auction. Submissions for sale are purchased and sold by the Central Bank of Myanmar using Refinitiv (formerly Thomson Reuters) ‘s Real Time Dealing Platform. For sale Opening a competitive auction to buy (US $); To buy foreign currency submitted by AD banks between the highest exchange rate and the lowest exchange rate announced by the Central Bank in the competitive auction. Submissions for sale are purchased and sold by the Central Bank of Myanmar using Refinitiv (formerly Thomson Reuters) ‘s Real Time Dealing Platform. As mentioned above, the Central Bank of Myanmar is opening a foreign exchange auction in the short term. This is to reduce large losses and to increase foreign reserves. The Central Bank of Myanmar (CBM) is conducting a foreign exchange auction to keep the exchange rate at a fixed rate. The Central Bank has stated that it does not intend to increase or depreciate the kyat.

Source: Daily Eleven