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Global dollar price index rises around 93 points and foreign exchange rate is around 1940 kyats per dollar

The global dollar index hit around 92 points on September 15 and the foreign exchange rate in the domestic market was around 1940 kyats per dollar, according to foreign currency traders. The global dollar index, the highest in six months, hit 91.59 points in February. 90.93 points in March; 90.93 points in April; 91.92 points in May; 90.92 points in June; In July, 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; 1326-1405 kyats in December; In January 2021, it was 1333-1355 kyats. In February it was 1340-1475 kyats. On September 15, 2021, the exchange rates of other foreign currencies in the local market were EUR 2,150; S $ 1,380; Malaysian ringgit 425 kyats; Thai Baht 59. On September 15, 2021, the Central Bank of Myanmar sold $ 8 million in a foreign exchange auction, and so far in September it has sold $ 23 million in two installments, with an average exchange rate of 1,750 kyats.

On September 13, the Central Bank of Myanmar sold $ 15 million in a foreign exchange auction. On August 1, 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 1,650 kyats per dollar, according to the Central Bank of Myanmar. The Central Bank of Myanmar (CBM) sold another $ 5 million in a foreign exchange auction on August 25, 2021, up to $ 28 million seven times in August, according to data released by the Central Bank of Myanmar. The central bank is responsible for its foreign exchange operations, such as raising the exchange rate in the short term; A rule-based foreign exchange auction is underway to reduce inflation and implement the two-point foreign exchange reserves of the state.

Source: Daily Eleven

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Between July and August last year, Myanmar allowed only one foreign investment worth more than $ 5 million

According to figures released by the Directorate of Investment and Company Administration (DICA), Myanmar was only allowed to invest more than $ 5 million in foreign investment between July and August. Between July and August 2021, Myanmar allowed only $ 5.3 million in foreign investment in the manufacturing sector. Investment in the livestock and fisheries sector increased by more than $ 0.4 million. During the two months, total foreign investment was $ 5.778 million, including increased investment.

In the first 11 months of the current fiscal year, Myanmar has allowed more than $ 3.7 billion in foreign investment, the most in the energy sector, at more than 80 percent, according to the Directorate of Investment and Company Administration (DICA). In the 11 months from October 1, 2020 to the end of August 2021, the fiscal year 2020-2021, Myanmar has approved up to 45 investment projects worth over $ 3.767 billion. Of those, six were allowed to invest in the energy sector, with a total investment of $ 3.121 billion. The maximum allowed is over 82%.

In the agricultural sector, two businesses worth nearly $ 10 million; Six in the livestock and fisheries sector worth more than $ 19 million; In the manufacturing sector, 24 businesses worth more than $ 262 million; A hotel business worth over $ 81 million in the hotel and tourism sector; A business worth more than $ 28 million in the industrial zone development sector; In the service sector, five businesses worth more than $ 103 million; More than $ 133 million in transportation and communications; In the real estate sector, more than $ 8 million has been approved in various sectors. In the 33 years from the 1988-1989 fiscal year to the end of July 2021, Myanmar allowed more than $ 91 billion in foreign investment, according to DICA.

Source: Daily Eleven

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Natural gas export tops US$2.17 bln in nine months

Myanmar’s exports of natural gas are estimated at US$2.175 billion in the past nine months (October-June) of the current financial year 2020-2021, the Commerce Ministry’s data showed. The figures indicated a sharp drop of over $1 billion compared to the year-ago period. Natural gas is included in the list of major export items of Myanmar. About six per cent of the country’s total export earnings come from the sale of natural gas. There are 53 onshore blocks and 51 offshore blocks, totaling 104 blocks.

A total of 25 onshore blocks and 31 offshore blocks are being operated under foreign investment. Natural gas extraction is being made at the Yadana, the Yedagun, the Shwe, and the Zawtika offshore blocks as well as onshore drilling blocks. Yearly extraction is elevated to cubic feet in 670.36 billion from 600 billion last year, according to the statement of the Ministry of Electricity and Energy. The Shwe natural gas field, located offshore Rakhine State, was discovered in 2014. Natural gas extracted from the field is exported to China.

The Yadana natural gas project is being carried out by the TOTAL Company, with its pipeline supplying natural gas to Thailand. Natural gas is also extracted in Yedagun, located offshore Taninthayi Region and discovered in 1992. The Zawtika Project in the Gulf of Mottama mainly supplies natural gas to neighbouring Thailand. Production at Yadana and Yedagun is declining, and those projects will be halted in the coming years. Myanmar’s exports of natural gas stood at $3.5 billion in the 2019-2020FY, $3.9 billion in the 2018-2019FY, $3.5 billion in the 2017-2018FY, $3.116 billion in the 2016-2017FY, and $3.445 billion in the 2015-2016FY, as per Commerce Ministry data.

Source: The Global New Light of Myanmar