At the local foreign exchange counters, the exchange rate is around 1,725 ​​kyats and the exchange rate in the market is around 1,900 kyats per dollar

The global dollar index hit around 92 points on September 7 and the foreign exchange rate in the domestic market was around 1,900 kyats per dollar, according to foreign currency traders. At local foreign exchange counters, the price is around US $ 1,725, but in the real world market it is around US $ 1,880 to US $ 1,900. 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; In December 1326-1405 kyats; In January 2021, it was 1333-1355 kyats. In February, it was 1340-1475 kyats. On September 7, 2021, the exchange rates of other foreign currencies in the domestic market were Euro 1990 kyats; S $ 1,300; Malaysian Ringgit 398 Kyats Thai Baht 55.

On August 12, 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. In August, $ 3 million was auctioned off in a foreign exchange auction. $ 3 million on August 3; $ 4 million on August 4; $ 9.5 million on August 9; It sold for $ 2.5 million on August 12. Exchange rate fluctuations happen in the short term.

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 state’s two-pronged foreign exchange reserve. The rules for Central Bank Bidding Instructions have been set out and in accordance with these rules and regulations buying and selling process are carried out by Authorized Dealer (AD) Banks, which are foreign currency trading bidders participating in the foreign currency auction, 19 local private banks and 13 foreign bank branches.

Source: Daily Eleven

img_1388-2

500 companies struck off register due to AR absence in past two months: DICA

A total of 500 companies was struck off the register in the past two months as they failed 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 500 companies which failed to restore their status within six months of suspension under 430 (F) of Myanmar Companies Law in the last two months. The companies were struck off the register starting from 5, 9, 16 July and 25 and 30 August respectively, 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 500 companies struck off register due to AR absence in past two months: DICA 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. Earlier, MyCO received more than 1,000 applications from new companies every month. During the public holidays from 23 to 31 August, the DICA is offering services for investment and company registration at the Head Office located at No.1 Thitsar Road, Yankin Township of Yangon Region and One-StopService is opened at No. 49 Seinlemay Lane, Kaba Aye Road, Yankin Township for the department coordination matters, the DICA announced. 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

Domestic gold price sets fresh record high up to K1.8 mln per tical

The price of pure gold metal reached an all-time high of K1,800,000 per tical (0.578 ounces, or 0.016 kilogrammes), according to Yangon Region Gold Entrepreneurs Association (YGEA). The spikes in the gold market are attributed to political development, high demand in the domestic gold market, shortage of raw gold metals, the price gain in the international market and the Kyat depreciation. The global gold price stood at only US$1,816 per ounce at the present time, while the US dollar exchange rate is worth above K1,800. On 12 May, the gold hit a peak of K1,709,000 per tical and the current rate hit the highest in history. As a result of this, YGEA urged its members to regulate trade in order to deal with market volatility.

To regulate unsustainable rally in the domestic gold market, the association called for the members to make the gold transaction with only immediate payment, avoid the verbal transactions over calls and halt trading outside the Yangon region, according to YGEA. In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price was registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May.

The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). Last month, it fluctuated between K1,562,300 (26 Jul) and K1,587,000 (K1,587,000), the gold traders said. According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December). With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019.

Source: The Global New Light of Myanmar

pharmacy-shelf

Myanmar pharmaceutical imports top $397.46 mln in nine months

The import value of Myanmar pharmaceutical products was estimated at US$397.46 million in the nine months (October-June) of the current financial year 2020-2021, according to Myanmar Customs Department. Myanmar imports 90 per cent of medicine and medical products through foreign markets, the Myanmar Chambers of Commerce for Pharmaceutical & Medical Device (MCCPMD) stated. India is the main supplier for Myanmar. Also, it is imported by Bangladesh, China, Germany, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, China (Taipei), Thailand, the US and Viet Nam.

Most commonly prescribed drugs are available in the market. Only some are out of stock for now. At present, pharmaceutical import is regularly flowing. However, the prices of pharmaceuticals were up by 5 to 10 per cent owing to the Kyat depreciation in the local forex market. The COVID-19 related medical devices including surgical masks and pulse oximeters are highly demanded in the country amid the COVID-19 surging cases, a market observer said. The Trade Department granted a temporary import licence exemption for 92 HS code lines up to three months starting from 1 September, in a bid to facilitate the trade during the COVID-19 crisis.

The Ministry of Commerce also cut the red tape for imports of some pharmaceuticals which have been imported. The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) is accelerating its effort to facilitate the inflow of essential medicines in the devastating time of the COVID-19 crisis, along with the related committees, departments concerned, traders and entrepreneurs. The federation formed a task force on 25 July 2021, with an aim to ensure adequate stock of essential medicine for prevention, control and treatment of the COVID-19 and have a smooth trade flow.

Source: The Global New Light of Myanmar

tom_img_0861_0

The Myawaddy-Mae Sot Friendship Bridge No. 1 on the Myanmar-Thailand border, which was closed for almost two years due to COVID-19 disease, will open in early 2022

The Myawaddy-Mae Sot Friendship Bridge No. 1 on the Myanmar-Thailand border, which was closed for almost two years due to COVID-19 disease, will be reopened in early 2022. Mae Sot-Myawaddy on the Thai-Myanmar border from January 1, 2022; Chiang Mai – Tachileik The Ranong-Kawthaung border will be reopened with the Travel Bubble, according to the report. Chiang Mai, which connects Burma, including the Myawaddy-Mae Sot Friendship Bridge on the Myanmar-Thailand border; Foreign tourists will be allowed to visit Chiang Mai, Ranong and 43 districts.

The first wave of COVID-19 on the Myawaddy-Mae Sot Friendship Bridge No. 1 on the Myanmar-Thailand border; It has been closed since March 2020 due to the rapid spread of Corona virus. Friendship Bridge No. 1, which was closed to tourists for almost two years, will be reopened on June 1, 2022. It is good news. Moe Kyo, chairman of the Joint Action Committee for Myanmar Citizens (JACBA), said the socio-economic situation would improve.

The Friendship Bridge No. 1 in Htein Myanmar has been closed since March 2020 during COVID first wave. Starting from January 1, 2022, border gates, the bridges of friendship will be reopened. It is good news that the bridge will be reopened as everything will be fine. On January 1, 2022, five districts including Bangkok, Chonburi, Fitburi, Pakyut Sirikhan, Chiang Mai, will be reopened, and another 21 districts will open on January 15. It will also allow tourists to travel through 13 border crossings with Thailand and a total of 43 provinces. According to reports from Mae Sot, Thailand’s latest statement is likely to change over time due to COVID disease.

Source: Daily Eleven

Myanmar-trade-port-container-river-export-economy-business-investment-ship-2

Myanmar’s foreign trade declines by $6.98 bln this FY

Myanmar’s foreign trade was worth US$26.11 billion as of 20 August in the current financial year 2020-21, declining by nearly $7 billion when compared to the same period that of last FY, according to the Ministry of Commerce. The foreign trade value was $ 26.11 billion from 1 October to 20 August while the previous budget year saw $33.1 billion in the same period. Thus, there was a decline of $6.98 billion.

As Myanmar’s foreign trade was 33.1 billion in the last FY, export decreased by 18%, and imports decreased by 25% and trade volume decreased by 22%. During the past ten months, Myanmar’s export was worth over $13.03 billion whereas the country’s import was relatively low at $13.08 billion. In the first eight months of this FY, China topped the list of the 10 countries to which Myanmar exported goods most.

Myanmar exported goods worth US$3,985.06 million to China, US$2,091.81 million to Thailand, US$673.87 million to Japan, US$485.50 million to India, US$434.67 million to the US, US$261.71 million to Germany, US$245.75 million to the UK, US$233.48 million to Spain, US$203.72 million to the Netherlands and US$198.29 million to South Korea, according to the data from the Commerce Ministry. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.

Source: The Global New Light of Myanmar

1000x-1

Over 2 mln people in Myanmar fully vaccinated against COVID-19

Over 2 million people in Myanmar have been fully vaccinated against the coronavirus till 4 September, and those who still need a second dose are being vaccinated, according to the Ministry of Health. The vaccines are being given priority to 36.9 million people over the age of 18 in Myanmar. As of 4 September, a total of 2,670,333 people have been fully vaccinated and 2,189,931 people have received one dose of the vaccine, according to the Ministry.

A total of 2 million doses of Sinopharm (Beijing) vaccine purchased from China arrived at the Yangon International Airport on 28 August. It was received by a team led by the head of Yangon Region Medical Services Department and Public Health Department. It is being distributed to across the country starting from 29 August.

Myanmar has already received 6.5 million doses of COVID-19 vaccine including 2.5 million doses of Sinopharm vaccines donated by China, 2 million doses of Sinovac vaccines and 2 million doses of Sinopharm vaccines imported from China. Currently, the country administrated 150,000 doses of COVID-19 vaccines to the target groups daily. Since January 2021, the country has been administering vaccinations, using the China-made Sinopharm and Sinovac vaccines, across the country.

Source: The Global New Light of Myanmar

USD against MMK hits around K1,800

The exchange rate stood at its highest point of K1,800 per US dollar in the foreign exchange market. Although the dollar exchange rate hit only K1,708 per dollar on 3 September as stated by the Central Bank of Myanmar (CBM), the outside exchange rate is set at K1,800 per dollar. Thus, the local forex market rate is K100 higher than the rate set by the CBM. The CBM sold US$ 28 million in seven times at its auction rate in August to stabilize the US dollar exchange rate. In July, the central bank reportedly sold $39 million at an auction rate. Besides, the bank sold $12 million at an auction rate as well.

The CBM is conducting an auction for foreign exchange to reduce the fluctuation of foreign exchange rates in a short-term period. The dollar exchange rate against Myanmar Kyat stood at around K1,330 per dollar at the end-January. Then, the rate jumped to around K1,800 per dollar on 4 September with a rise of over K400 in over seven months. In the first eight months of 2021, the highest and lowest exchange rate is currently fixed around K1,327-1,345 in January, K1,335-1,465 in February, K1,420-1,550 in March, K1,550-1,610 in April, K1,585-1,730 in May, K1,595- 1,620 in June, K1,626-1,670 in July and K1660-1682 in August.

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

Container ship sailing with sun in background

Maritime trade tops $17.3 bln as of 20 Aug

The value of Myanmar’s maritime trade over the ten months (1 October-20 August) of the current financial year 2020- 2021 sank to US$17.3 billion, which is a 25 per cent drop compared with the same corresponding period of last year. The figures plunged from $23.37 billion during the yearago period, according to the Ministry of Commerce. While maritime exports were valued at $7.2 billion, imports had registered at $10 billion. Compared to the same period in the 2019-2020 financial year, imports fell by $4 billion, while exports decreased to $2 billion. The maritime trade fell by $6.05 billion as of 20 August as against last year.

Meanwhile, the value of land border trade this FY was estimated at $8.79 billion, a decrease of $933 million as against a year-ago period. Myanmar witnessed a slump in exports and imports triggered by the coronavirus pandemic. Both sea trade and border trade dropped amid the coronavirus impacts and the political changes. For maritime trade, disruption in the logistics sector and COVID-19 impact on global shipping scaled down Myanmar’s maritime trading somehow. The country’s total external trade over the past ten months touched a low of $26.1 billion, which plunged from $33 billion recorded in a year-ago period.

Myanmar’s sea trade generated $26 billion out of an overall trade value of $36 billion in the last FY2019-2020, the Ministry of Commerce’s statistics indicated. Myanmar exports agricultural products, fishery products, minerals, livestock, forest products, finished industrial goods, and other products, while it imports capital goods, consumer goods, and raw industrial materials. The country currently has nine ports involved in sea trade. Yangon Port is the main gateway for Myanmar’s maritime trade and includes the Yangon inner terminals and the outer Thilawa Port. Yangon inner terminal and the outer Thilawa Port received over 152 larger ships of above 30,000 DWT (Deadweight tonnage) in the past five months (February-June) this year after the draft limit is extended up to 10 metres with the new navigation channel accessing to inner Yangon River. Myanma Port Authority is ensuring smooth freight flow with non-stop operation during the public holidays.

Source: The Global New Light of Myanmar

Republic of the Union of Myanmar Central Bank of Myanmar

Notification No 33/2021
12th Waning of Wagaung 1383 ME
3 September 2021

  1. The Central Bank of Myanmar exercises the authority in sub-section (a) of Section 49 of the Foreign Exchange Management Law to issue this notification.
  2. According to Section 38-b, Section 42-a of the Foreign Exchange Management Law and paragraph 35 of the Foreign Exchange Management Regulation, exporters shall not fail to deposit all their export incomes in foreign exchange, during the stipulated period, in their bank accounts in the State.
  3. Exporters must sell their remaining export incomes in foreign exchange of their bank accounts to the authorized bank-AD licences within four months of the transfers without fail.
  4. This notification shall come into effect from the date of issue.

Than Nyein
Governor

Source: The Global New Light of Myanmar