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The central bank has announced that it will remove the widening gap between the selling price and the buying price, and some traders say the exchange rate fluctuations will not be affected

The central bank announced on September 11 that it would remove the widening gap between the selling price and the buying price. The sale of foreign currency issued on August 8; Purchasing The Central Bank has issued a directive to set the CBM Reference Rate at the Mid Rate and the Purchase Price and Purchase Price within the range of 0.8%. The directive was canceled. Licensed banks trading foreign currency.

 The Central Bank of Myanmar said in a statement that the holders of foreign exchange licenses have been notified. Dr Soe Tun, a businessman, said the directive would not affect the value of the dollar traded in the market. In the past, when there was a price tag, the actual price on the board and at the counter was different from the price on the board, he said. It says 1,700 on the board, but it can’t be bought. 

Only people you know are buying and selling. It is 2,000 outside. It is also difficult to buy and sell. With this release, it will be easier to buy and sell because Molo is set as freely as before. It has little to do with price fluctuations. There will be more trade. Currently, the price set by the central bank is one in the foreign exchange market and one in the foreign exchange market. According to the prices on September 11, local foreign exchange counters and banks set the price at around US $ 1,746 per dollar, but the actual market price was between US $ 1980 and 2010.

Source: Daily Eleven

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YRIC endorses over $1 mln worth project, creates 851 jobs for residents

The Yangon Region Investment Committee (YRIC) endorsed one foreign enterprise in the manufacturing sector, with an estimated capital of US$1.095 million, as per the YRIC’s videoconferencing convened at 10 am on 8 September. Yangon Region Chief Minister U Hla Soe, who also acts as chairman of YRIC, the committee members and the investors joined the video conferencing to ensure the foreign capital inflow during the COVID-19 pandemic.

At the meeting, YRIC endorsed one foreign investment business with a total capital amount of $1.095 million in the manufacturing sector and is expected to create 851 local job opportunities. Moreover, they discussed the general issues of the other four companies. 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.

The investors can inquire about the investment and submit a proposal by dialling (01-658263 and 01-658264) of YRIC located on Kaba Aye Pagoda Road, Yankin Township. The proposals worth above K6 billion can contact the Myanmar Investment Commission located on Thitsar Road, Yankin Township via 01-658102 and 01-658103, YRIC stated. 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.

Source: The Global New Light of Myanmar