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Second batch of anti-COVID-19 equipment donated by Indian Gov’t arrives in Myanmar

The special flight carrying anti-COVID-19 medicines and related materials donated by the Indian government arrived at the Yangon International Airport yesterday. Indian Ambassador to Myanmar H.E. Mr Saurabh Kumar handed over the materials to Director-General Prof Dr Zaw Than Htun of Medical Research Department and Deputy Director General Dr Thidar Hla of Medical Services Department respectively.

The donation included 50,000 Long Surgical Glove (Elbow) sizes 5 and 7, 1,500 Examination Gloves, 570 Digital BP Cuff, one Portable X-ray 100MA, 14,400 KN-95 Medical Mask (GP 19083), 2,000 rapid Antigen Test Kits, 100 Highflow nasal cannulas (HFNC), 292 Body Beds, 1,240 PPE Coverall, 300 Pulse Oximetre (finger Tip), 24 Oxygen Concentrators, 1,600 Apron and 400 Empty Oxygen Cylinders (40-50) LTR.

The Indian government donated eight types of medical equipment weighing more than five tonnes to Myanmar on 15 August and the current second batch of 40 tonnes of medicines yesterday, and they will continue provide third batch of donations, according to the Ministry of External Affairs of India.

Source: The Global New Light of Myanmar

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MIC gives nod to 45 foreign proposals this FY

Myanmar has attracted foreign direct investment of more than US$3.767 billion in the past ten months of the 2020-2021 financial year from 45 enterprises, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, according to the Directorate of Investment and Company Administration (DICA). The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country. The Myanmar Investment Commission (MIC) ensures to approve the responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects.

In May, the UK-listed enterprise brought in large investments of $2.5 million and became the top source of FDI in Myanmar in the past nine months, DICA’s statistics indicated. Japan stood as the second largest investor this FY with estimated capital of $518.76 million from three projects, followed by Singapore investing $428.336 million in Myanmar. Those enterprises listed from Brunei, China, Thailand, India, Malaysia, Republic of Korea, Viet Nam, Marshall Island, Samoa, Hong Kong (SAR) and China (Taipei) also made investments this year. Of 45 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 31 July of the current FY, 24 enterprises pumped FDI into the manufacturing sector.

Electricity sector received six large project and livestock and fisheries sector attracted six projects. Other service sector drew five projects while agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotel and tourism sectors. The FDIs stood at $6.9 million from 158 enterprises in the FY 2016-2017, $6.119 billion from 234 businesses in the FY 2017-2018, $1.94 billion from 89 projects in the 2018 mini-budget year, $4.5 billion from 298 businesses in the FY 2018-2019 and $5.689 billion from 253 businesses in the FY 2019-2020 respectively, the DICA’s data indicated. Those enterprises created over 96,000 jobs in the FY 2016- 2017, 110,000 jobs in the FY 2017- 2018, over 53,000 jobs in the 2018 mini-budget period, over 180,000 jobs in the FY 2018-2019 and 210,000 jobs in the FY 2019-2020 respectively.

Source: The Global New Light of Myanmar

Domestic fuel prices are rising by more than 1,120 kyats per liter for 95 Ron Octane

Domestic petrol prices are rising by more than 1,120 kyats per liter, according to local petrol stations. On August 17, domestic prices of octane 95 Ron were 1,125 kyats per liter; Octane 92 Ron 1101 kyats per liter. 1050 kyats for a liter of diesel; The price of a liter of premium diesel is 1055 kyats, according to local petrol stations. On February 3, the price of diesel was 660 kyats per liter. Premium diesel 670 kyats. Octane 92 Ron 620 kyats per liter; Octane 95 Ron is only 750 kyats per liter, according to figures released by the Myanmar Petroleum Importers and Distributors Association (MPTA).

Myanmar imports around six million tonnes of kerosene a year, according to the Ministry of Commerce. In the first seven months of the current fiscal year, imports of 2.7 million tonnes of kerosene were valued at $ 1.2 billion, down more than one million tonnes from the same period last year, according to an official from the Ministry of Commerce. In the first seven months of the current fiscal year, imports of kerosene fell by 1.02 million tonnes, down $ 663.347 million from a year earlier.

During the period, 1.66 million tonnes of diesel was valued at $ 721.173 million. It was down more than 650,000 tonnes, down more than $ 430 million from the same period last year. More than one million tonnes of oil was imported, valued at $ 536.113 million. It was down more than 350,000 tonnes from the same period last year, valued at $ 227.187 million. From November 6 to 19, 2019, the price of domestic kerosene fluctuated from 10 to 35 kyats per liter from the end of 2019 until now. From November 21 to 29, it rose from 25 kyats to 35 kyats per liter, and from November 29 to December 9, it dropped to 25 kyats per liter. 

From December 13 to January 9, 2020, it increased from 20 to 30 kyats per liter, and from January 8 to May 1, it dropped from 550 kyats to 605 kyats per liter. From May 6 to August 14, it rose from 155 kyats to 240 kyats per liter, fell from 15 kyats per liter between August 14 and 18, and rose again by 10 kyats per liter on August 27. From September 8 to 10, 20 kyats per liter; Between September 11 and November 4, it dropped from 10 to 30 kyats per liter, and from November 11 to 2021. 160 kyats per liter between January 31; From February 1 to February 24, the price rose by 130 kyats per liter.

Source: Daily Eleven

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Manufacturing sector bags $262 mln this FY

The majority of foreign enterprises eye the manufacturing sector for investments in the past ten months (Oct-July) of the current financial year 2020-2021, pumping the estimated capital of US$262 million into 24 projects, the Directorate of Investment and Company Administration stated. The manufacturing enterprises and businesses that need large labour force are prioritized, Myanmar Investment Commission stated.

At present, labour-intensive enterprises are facing financial hardship amid the COVID-19 impacts and the political changes. Myanmar’s manufacturing sector is largely concentrated on garment and textile produced on the Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent. At present, Myanmar’s garment export drastically dropped on the back of slump in demand by the European Union market. Consequently, some CMP garment factories permanently and temporarily shut down and left thousands of workers unemployed.

Myanmar drew foreign direct investment of more than US$3.76 billion in the past ten months of the 2020-2021 financial year, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, the DICA’s statistics indicated. Of 45 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 31 July of the current FY, 24 enterprises pumped FDI into the manufacturing sector. The electricity sector received six large projects and the livestock and fisheries sector, six projects. Other service sector drew five projects while the agriculture sector pulled two projects and one foreign enterprise each entered the industrial estate and the hotels and tourism sectors.

Source: The Global New Light of Myanmar

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YRIC endorses $19 mln worth ten proposals so far

The Yangon Region Investment Committee (YRIC) has endorsed eight foreign enterprises and two joint ventures in the manufacturing sector, with estimated capital of US$19 million, in the past months of the current financial year 2020-2021. Additionally, two domestic enterprises were also given the go-ahead, with capital of K3.5 billion. Those enterprises are to create around 4,220 jobs.

They will execute manufacturing of bags, footwear, underwear and garments on a Cutting, Making, and Packing (CMP) basis, manufacturing of construction materials, production and sales of aluminum, grinding and manufacturing of pulses and beans, and production and distribution of fish sauce, YRIC stated. Between 1 October and 30 September of the previous financial year 2019-2020, Yangon Region attracted FDI of $308.768 million from 137 foreign enterprises.

The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis. To date, foreign investments from China, Singapore, Japan, Hong Kong, the Republic of Korea, Viet Nam, India, China (Taipei), Malaysia, the British Virgin Islands and Seychelles are arriving in the region. To simplify the verification of investment projects, the Myanmar Investment Law allows the region and state Investment Committees to grant permissions for local and foreign proposals, where the initial investment does not exceed K6 billion or $5 million.

Source: The Global New Light of Myanmar

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Imports of essential medical supplies continue on long public holidays

The Ministry of Commerce is working hard to ensure people have access to essential medical supplies which are critical to the COVID-19 prevention, control and treatment activities, including liquid oxygen and oxygen cylinders, arranging the continuous importation on public holidays. Yesterday, a total of 1,467 oxygen concentrators were imported via airways at the Yangon International Airport.

In addition, 20 tonnes of liquid oxygen, 9 tonnes of liquid oxygen with oxygen cylinders, 1,690 empty oxygen containers, 2,056 home oxygen concentrators, 15,500 PPE suits, 10 tonnes of gloves and 53 tonnes of masks were imported through border trade points. A total of 942 tonnes of liquid oxygen, 72 tonnes of oxygen cylinders, 7 liquid oxygen containers, 6 oxygen distributors, 101,291 empty oxygen containers, 22 oxygen plants, 10 oxygen generators, 72,560 oxygen concentrators, 150,268 test kits, 488,512 PPE suits, 82 tonnes of gloves and 1,036 tonnes of masks have been imported by far in August.

Of 77 liquid oxygen bowsers imported between 1 July and 15 August, 59 of them were distributed to Yangon, 11 to Mandalay, 4 to Mawlamyine, 2 to Bago and 1 to Thaton respectively. Among 30 oxygen plants, 5 were transported to Lashio, 4 each to Yangon and Bago, 3 to Mandalay, 2 each to Pakokku, Hpa-an, and Mawlamyine, one each to Taunggyi, Thanbyuzayat, Magway, Dawei, Wakema, Myittha, Kyaukpadaung and Mogaung respectively. The Ministry on 8 August announced that the border trade points will not be suspended from work on declared public holidays, from 9 to 15 August, and import operations will be conducted as usual. The importation of COVID-19 devices will be allowed in accordance with the SOP priority, negotiated by relevant departments, and online import licence application will also be allowed as usual during the office hours.

Source: The Global New Light of Myanmar

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Maritime product exports earn US$204.183 million within 317 days of 2020-2021 FY

Export of over 238,600 tonnes of marine products from Taninthayi Region to Ranong Industriehafen in Thailand earned US$204.183 million during the 317 days up to 13 August of 2020-2021 Financial Year, according to Kawthoung District Fisheries Department. Fishermen operate fishing works at the Andaman Sea depending on climatic conditions. At present, 725 fishing trawlers from Dawei, Myeik and Kawthoung are at the sea for fishing. More than 1,400 trawlers from over 50 companies in Taninthayi Region are engaging in fishery sector. The Fisheries Department arranges the regular flow of marine product exportation with the promise of fishing trawlers which have exported marine products to Ranong Industriehafen to pay the relevant tax to the banks when these banks are opened. A total of 195 fishermen who sent marine products to Ranong marine product brokerage were vaccinated for prevention of COVID-19.

Moreover, the fishermen who are going to the sea have been examined for their health conditions. Afterwards, the fishermen IDs are issued to them in line with the prevention, control and treatment of the disease. Regularly, marine products flow into Yangon market while similar products are exported to Ranong Industriehafen. If a marine product market can be established in Myeik or Kawthoung for cutting the transport charge, control of water resources and earning more foreign exchange, Taninthayi Region will create job opportunities with improvement of socio-economic status of the local people. Local fishermen export marine products to Ranong of Thailand. If we can establish a marine product market, economic status of the region will improve. If the government sets up a fish auction market, foreign merchants will purchase the products from Myanmar. So, they can get tax from trading. Local fishermen will have the opportunities to directly send their stocks to the international market. Consequently, tourism industry will be booming.

In 2019-2020 FY, Myanmar earned US$252.832 million from export of 296,608 tonnes of marine products. So, we set the target to exceed the export volume in 2020-2021 FY, said Deputy Director of Kawthoung District Fisheries Department. The sea can be seen with many trawlers which are capturing cuttle-fish in October and November on a yearly basis. The Tatmadaw (Navy) seizes trawlers and motor schooners which came from other countries and hands them over to relevant departments. Meanwhile, the Fisheries Department supervises preventive measures for shortage of water resources at Myanmar water territory. In this regard, the department prohibits capturing of fish with poisons, fish mining and use of prohibited fishing equipment. In August, fishermen from Kawthoung sent marine products weighing ranging from 300 tonnes to over 800 tonnes to Ranong Industriehafen on a daily basis. Myanmar fishermen bagged US$252.832 million from export of 296,608 tonnes of marine products in 2019-2020 Financial Year and US$204.183 million from 1 September to 13 August in 2020-2021 FY. At present, they are striving for earning more foreign exchange from export of marine products in August and September.

Source: The Global New Light of Myanmar

The central bank announced that the withdrawal of 5,000 kyats, 10,000 kyats and the closure of three banks were just rumors and it had also instructed to provide regular banking services

According to the Central Bank of Myanmar, the withdrawal of 5,000 kyats, 10,000 kyats and the closure of banks are just rumors and the Central Bank of Myanmar has instructed to provide regular banking services. Depending on the current situation, 5,000 kyats; 10,000 kyats will be withdrawn, these are rumors and there are false rumors that the banks will be closed. Some people are worried about the rumors. The Central Bank of Myanmar was hearing the news and announced on August 13 that the public can continue to use money with confidence without worrying about money and banking operations, and the banks have been instructed to provide regular banking services, the statement said.

The bank is trying to stabilize the country’s economy and disrupt the banks’ ability to operate in accordance with the rules and regulations, and is adding to the plight of the people, who are suffering from epidemics, deaths and distress. The Central Bank of Myanmar is focusing on stabilizing the financial system. Banks are providing strong services in accordance with the regulations, the statement said. From 16 to 22 August, banks, Offices The Ministry of Information has announced that schools will be closed. According to the Transferable Contracts Act, all banks will be closed from August 16 to 20, 2021, as these are public holidays, according to the Central Bank of Myanmar. Banks have not been included in the ongoing government holidays. Public holidays are over. 

However, the central bank and the banks were left behind because it was easier to import the necessary medicines and supplies while COVID-19 was suffering from the disease. Banks, including the central bank, have had to go to the office as an exception, asking the banks to open up so that they can do what they need to do in the wake of the economic downturn. It’s been three weeks now. Holidays have been closed to control the spread of COVID disease. As a result, the spread of the disease has been steadily declining. However, as the central bank and banks did not close, these groups became infected. For this reason, public holidays are held on the same day as on public holidays. The reason for not stopping is not to interrupt the flow of goods. When installing the necessary materials The banks are open so that there are no problems. Now, the state has allowed banks, including the central bank, to rest for three consecutive weeks this week.

Source: Daily Eleven

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External trade tops $24.7 bln during Oct-July period

Myanmar’s external trade between 1 October and 30 July in the current financial year 2020-2021 exceeded US$24.7 billion, according to the Ministry of Commerce. During the same period in the previous FY, the international trade stood at over $31 billion, according to data released by the ministry. During the past ten months, Myanmar’s export was worth over $12.45 billion whereas the country’s import was relatively low at $12.25 billion. Myanmar recorded a positive trade balance as of July-end.

Both sea trade and border trade dropped amid the coronavirus impacts. The neighbouring countries tightened the border security and the border posts came to abrupt stop amid the COVID-19 surging in Myanmar. At the present time, the traders have transaction problem triggered by the restriction of the private banks. Furthermore, as the pandemic triggered the cargo shipping crisis, a market observer shared his opinion. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.

The country’s export sector relies more on the agricultural and manufacturing sectors. However, the suspended trade in the border checkpoints and the order cancel from the western countries amid the political changes exacerbate the export sector for now. The Ministry of Commerce is focusing on reducing trade deficit, export promotion and market diversification. The external trade stood at $36.73 billion in the 2019-2020 FY, $35.147 billion in the 2018-2019 FY, $18.728 billion in the 2018 six-month interim period, $33.578 billion in the 2017-2018 FY and $29.209 billion in the 2016-2017 FY respectively, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar

The global dollar index hovered around 93 points and hit a record high of over 1,700 kyats per dollar

The global dollar index hit around 93 points on August 11 and hit a record high of more than 1,700 kyats in the local market on August 11, according to foreign currency traders. The global dollar index, the highest in six months, hit 89.93 points in December. 91.02 points in January; 91.59 points in February; 90.93 points in March; 90.93 points in April; In May, it was around 91.92 points. In January 2021, the lowest and highest monthly exchange rates in the domestic market were 1333-1355 kyats. In February, it was 1340-1475 kyats.

The lowest and highest monthly foreign exchange rates in the domestic market were 1297-1340 kyats in October 2020; In November 1306-1327 kyats; In December 1326-1405 kyats; In January 2021, it was 1333-1355 kyats. In February, it was 1340-1475 kyats. On August 11, 2021, the exchange rates of other foreign currencies in the domestic market were 1900 Kyats; S $ 1,200; Malaysian ringgit 378 kyats; 50 Thai Baht. On August 9, 2021, the Central Bank of Myanmar sold another 2.5 million dollars at a foreign exchange auction, with the average exchange rate for the auction being 1,646 kyats per dollar, according to the Central Bank of Myanmar.

In August, $ 3 million was auctioned off in a foreign exchange auction. $ 3 million on August 3; $ 4 million on August 4; It sold for $ 2.5 million on August 9. The central bank sold $ 3 million on July 7 at a foreign exchange auction. $ 3 million on the 6th; $ 3 million on the 5th; $ 6 million on the 8th; $ 14 million on July 14; $ 3 million on the 15th; $ 3 million on the 16th; $ 26 million on July 26; $ 27 million on July 27; $ 28 million on July 28; $ 3 million on the 29th; On July 30, it sold for $ 39 million, split 12 times in July and sold for $ 39 million.

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 aims to increase its exchange rate volatility in the short term. A rule-based foreign exchange auction is underway to reduce inflation and implement the two-pronged approach to the country’s foreign exchange reserves. Rules for Central Bank Bidding Instructions have been set out and these rules and regulations are in place. Authorized Dealer (AD) Banks, which are foreign currency trading bidders participating in the foreign currency auction, in accordance with the directives to buy and sell foreign currency with 19 local private banks and 13 foreign bank branches.

Source: Daily Eleven