Gold-market

Domestic gold price rises up to over K1.8 mln per tical

The price of domestic gold bar rose up to above K1.8 million per tical (approximately 16.33 grammes), according to Yangon Gold Entrepreneurs Association (YGEA). The price of domestic gold is high right now because of the depreciation of the Myanmar Kyat in the local foreign currency market. Currently, a US dollar exchange rate mounted up to the highest of around K1,980 per dollar in the local foreign market, while the domestic bar gold gained up to K1,820,000 per tical in the market.

On 28 September, the exchange rate on the US dollar hit an all-time high of over K3,000 in the domestic exchange market, while the price of a pure gold metal jumped accordingly to a record high of K2.22 million per tical (0.578 ounce, or 0.016 kilogramme), according to the Yangon Region Gold Entrepreneurs Association (YGEA). However, it gradually dropped to around K1,800 per dollar by the end of October and the local bar gold price also fell to K1,750,000 per tical. 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). It fluctuated between K1,562,300 (26 July) and K1,587,000 (9 July). The price of gold reached the lowest of K1,572,800 (3 August) and the highest of K1,698,000 (31 August). The price of pure gold metal hit a fresh peak of K2,220,000 per tical (28 September) and it was priced the lowest of K1,703,500 per tical (1 September).

Last month, the rate fluctuated between the highest of K2,030,000 (1 October) and the lowest of K1,750,000 (27 October), 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 price 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

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As of 2 November, 7.39 million people have received two full doses of the COVID-19 vaccine

As of November 2, 7.39 million people have received two full doses of the COVID-19 vaccine in Myanmar, according to the Ministry of Health. As of November 2, 7399,986 people (7.39 million) had received two full doses of the vaccine; 6084977 people (6.08 million) completed one planting; According to the Ministry of Health, a total of 13484963 people (13.48 million) have been vaccinated and more than 20 million have been vaccinated.

As of October 23, two million COVISHIELDs purchased by the Ministry of Health have been delivered. Sinopharm 20 million; Two million Sinovac has already reached a total of 24 million. More than eight million COVID-19 vaccines have been donated by India and Russia. Vaccines have been reduced to 10 years from the previous COVID-19 vaccine for those over 55 years of age, and those over 45 will be vaccinated from October 17. Target groups have been expanded to include the COVID-19 vaccine since September 14. 

People with disabilities Members and family members of ethnic armed groups. People from migrant groups and temporary camps; It is being given to people with chronic and non-communicable diseases and is currently being extended to those over 45 years of age. The COVID-19 vaccine has been available in Myanmar since January 2021. People should receive the full dose of the COVID-19 vaccine they received. The Ministry of Health urges those who have received the first dose to visit the nearest immunization regimen on or near the scheduled date of the second immunization and actively participate in the immunization and immunization activities.

Source: Daily Eleven

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Of the ASEAN countries surveyed in October, Myanmar was the least productive, according to the survey

Of the ASEAN countries surveyed in October, only Myanmar saw a decline in manufacturing conditions, according to the IHS Markit ASEAN Manufacturing PMI (Manufacturing Purchasing Manager’s Index) released on November 2. The survey was conducted in seven ASEAN countries such as Singapore, Malaysia, Thailand, Indonesia, Philippines, Vietnam and Myanmar. They have seen progress in a wide range of countries except Myanmar. Indonesia topped the survey with a record PMI, followed by Singapore, Malaysia and Thailand. Malaysia and Vietnam are following, with the last two countries reporting the first increase in their output since May. 

The Philippines and Thailand also saw record improvement in October, said Lewis Cooper, an economist at IHS Markit. ASEAN’s manufacturing PMI rose to 53.6 in October, signaling the first growth in ASEAN manufacturing conditions since May 2021 (five-month period). When statistics were compiled for the survey in 2012. It has become one of the fastest rates since July, according to the survey. Among the ASEAN manufacturing PMIs in October, Indonesia topped the PMI by 57.2. With a PMI of 54.5, Singapore is firmly established in the manufacturing sector. Malaysia has a PMI of 52.2. It is showing the fastest progress since April. Vietnam has a PMI of 52.1 in 2021. 

For the first time since May, the situation has shown moderate improvement. The Philippines and Thailand saw only a tenth increase in their manufacturing sectors. The Philippines has a PMI of 51 and Thailand has a PMI of 50.9. Finally, the survey found that Myanmar was the only ASEAN country to show a decline in operating conditions in October. Myanmar’s PMI of 43.3 indicates the weakest decline in 10 months since January, but a sharp decline. Myanmar’s economy remains one of the worst-hit economies in Asia in 2021. According to the survey, production in ASEAN was record-breaking in October, both in terms of production and new orders. Purchasing Manager’s Index New orders Workplace Five indicators are calculated: suppliers’ delivery time and stockpiles. The survey is based on survey data collected by industry by the IHS Nikkei and sponsored by the Japan-based Nikkei Media Group.

Source: Daily Eleven

Over 51 mln litres of fuel oil sold at fairer prices within one and half months: CAD

The Consumer Affairs Department stated that more than 51 million litres of fuel oil were sold at the subsidized rate between 22 September and 2 November 2021. Starting from 22 September, the total volume of fuel oil that is sold at very reasonable rates is equivalent to the amount that the oil importers directly purchased the foreign currency from the Central Bank of Myanmar, intending to offer fairer rates through the relevant association. Over 19 million litres of 92 Ron, 12 million litres of diesel and 18 million litres of premium diesel have been sold.

The fuel oil at the fairer price is available at 229 petrol-filling stations in Yangon, Mandalay, and Nay Pyi Taw cities and Mon, Shan, Kachin, Kayin and Rakhine states and Sagaing, Bago, Magway and Ayeyawady and Taninthayi regions. Consumers can complain about overcharging for fuel oil which is sold at the subsidized rate under the public distribution system. If any overcharging is found, the consumers can complain about it through the contact numbers 09664075683, 09664596327, 09687635943 and 09676320826 of the National Trade Facilitation Committee, (01250270) of Yangon Region Consumer Affairs Department and 09421006794 of the Myanmar Petroleum Trade Association.

The fuel oil was pegged at around at K590 per litre for Octane 92, K610 for Octane 95, K590 for diesel and K605 for premium diesel in early February 2021 in the domestic retail market. Then, it remarkably climbs up to K1,425 for Octane 92, K1,490 for Octane 95, K1,370 for diesel and K1,380 for premium diesel at present. There is a remarkable price gap of K700-800 per litre, according to the local fuel oil market. A dollar is worth K1,900 in the local forex market. Normally, Myanmar yearly imports six million tonnes of fuel oil from external markets, the Ministry of Commerce stated. 

Source: The Global New Light of Myanmar

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Myanmar maritime trade up by $115 mln as of 22 Oct

The value of Myanmar’s maritime trade between 1 and 22 October of the current mini-budget period for 2021-2022 climbed up to US$1.166 billion, which reflected an increase of $115 million as against the last FY. The figures rose from $1.05 billion during the year-ago period, according to the Ministry of Commerce. While maritime exports were valued at $560 million, imports have registered $300.45 million.

Compared to the same period in the 2020-2021 financial year, imports fell by $144.7 million, while exports registered an increase of $259.7 million. Meanwhile, the value of trade through the border this FY was estimated at $234.9 million, which plunged drastically from $613 million registered last FY. Myanmar’s sea trade generated $19.8 billion out of an overall trade value of $29.5 billion in the last FY2020-2021, 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 industrial raw 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 terminals 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. 

Source: The Global New Light of Myanmar

Stock market goes down in October

The shares traded on the Yangon Stock Exchange (YSX) declined in October, with K561 million worth of 99,837 shares of the six listed companies, the YSX’s monthly report indicated. 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 were maintained in the bull market in May with 78,642 shares worth K432.448 million as well. In June, 79,296 shares worth K430.285 million were traded on the exchange. Then, the volume of shares traded in the equity market plunged to 36,855 shares in July 2021 and the trading value also slipped to K198 million.

It climbed up in August 2021 compared with those registered in the last two months, with over K300 million worth of 49,191 shares traded on the exchange. It edged up to a recordhigh in September, with over K825 million worth of 193,353 shares, the YSX’s monthly report showed. Last month, 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 Holding Public Co., Ltd. (AMATA) were traded in the equity market. The share prices per unit were closed at K8,900 for FMI, K3,200 for MTSH, K7,800 for MCB, K19,500 for FPB, K2,700 for TMH, K2,950 for EFR and K5,000 for AMATA, respectively. The stock markets worldwide have reported their largest declines since the 2008 financial crisis.

Similarly, the local equities market was also scared by the COVID-19 crash in the previous months, a market observer points out. People like to keep emergency savings and purchase the safe-haven asset gold, rather than make investments amid the COVID- 19 crisis and current political conditions. Unexpectedly, people turned to the stock market when the prices of gold remarkably gained in September. However, the stock market went down in October, he continued. 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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Companies registered on MyCO stands around 6,000 in ten months: DICA

The number of companies registered on the online registry system, MyCO, reached 5,992 in the past ten months this year, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. During the January-September period, the number of registered companies on MyCO was 1,373 in January, 188 in February, 163 in March, 254 in April, 686 in May, 775 in June, 433 in July, 360 in August, 733 in September and 1,027 in October, the DICA’s statistics showed. At present, 100 per cent of the applicants are using the online registration platform, the DICA stated.

Last year, the figures of registered companies stood at 1,415 in January, 1,298 in February and 1,015 in March, only 348 companies in April, 798 in May, 1,314 in June, 1,650 in July, 1,551 in August, 1,378 in September, 1,693in October, 1,099 in November and 1,521 in December, as per statistics of the DICA. In 2019, the figure stood at 1,733 in January 2019, 1,419 in February, 1,108 in March, and over 1,045 in April, 1,411 in May, 1,307 in June, 1,428 in July, 1,302 in August and 1,181 in September. The figures reached a fresh new peak of 2,059 in October 2019. Then, 1,615 new companies in November and 1,772 in December were recorded, data of the DICA showed.

When the online registry was launched in August 2018, 1,816 new companies registered on MyCO. The figure stood at 2,218 in September 2018, 1,671 in October, 1,431 in November and 1,364 in December 2018. In addition, all registered companies need to file annual returns (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 Myanmar Companies Law 2017. 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, over 16,000 companies were suspended so far 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 (I-9A). 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. 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.

Source: The Global New Light of Myanmar

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Announcement on Extension of the Precautionary Restriction Measures Relating to Control of the COVID-19 Pandemic until 30 November 2021

  1. With a view to the further strengthening of measures to contain the spread of the COVID-19 pandemic, the Ministry of Foreign Affairs of the Republic of the Union of Myanmar has issued the following announcements regarding temporary entry restrictions for visitors from all countries. All those restrictions were extended until 31 October 2021 by the Ministry’s announcement dated 1 October 2021.
    (a) Announcement dated 15 March 2020 regarding precautionary measures for all travellers visiting Myanmar;
    (b) Announcement dated 20 March 2020 regarding additional precautionary measures for travellers visiting Myanmar and temporary suspension of issuance of visa on Arrival and e-visa;
    (c) Announcement dated 24 March 2020 regarding additional precautionary measures for travellers from all countries visiting Myanmar;
    (d) Announcement dated 28 March 2020 regarding temporary suspension of all types of visas (including social visit visas) and visa exemption services.
  2. In order to continue its effective response measures to protect the population of the country from the risks of importation and spread of the COVID-19, the Government of the Republic of the Union of Myanmar has decided to extend the afore-mentioned entry restriction measures until 30 November 2021.
  3. In case of urgent official missions or compelling reasons, foreign nationals, including diplomats and United Nations officials, who wish to travel to Myanmar by available relief or special flights, may contact the nearest Myanma Mission for possible exception with regard to certain visa restrictions. However, all visitors must abide by existing directives issued by the Ministry of Health relating to the prevention and control of the COVID-19 pandemic.

Ministry of Foreign Affairs
Nay Pyi Taw
Dated. 1 November 2021

Source: The Global New Light of Myanmar

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International flight restrictions extended until 30 November

The Ministry of Health has issued a directive on the temporary restriction of international commercial passenger flights to Myanmar since it is crucial to control the spread of the COVID-19 disease in Myanmar. With the permission of the Central Committee on Prevention, Control and Treatment of the Coronavirus Disease 2019 (COVID-19), “Importation of COVID-19 to Myanmar through Air Travel” was revised as “Temporary Measures to Prevent Importation of COVID-19 to Myanmar through Air Travel Issue-2” on 31-12-2020 as of 23:59 hours of Myanmar Standard Time on 31 October 2021. Until now, the prevalence of the COVID-19 epidemic has risen in most parts of the world. With the permission of the Central Committee on Prevention, Control and Treatment of the Coronavirus Disease 2019 (COVID-19), the effective period of the above directive has been extended to 23:59 hours of Myanmar Standard Time on 30 November 2021 to further prevent the risk of COVID-19 transmission via international air passengers into Myanmar.


Ministry of Transport and Communications

Source: The Global New Light of Myanmar

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Myanmar foreign trade down by $263 mln this FY

Myanmar’s external trade as of 22 October in the current mini-budget year 2021-2022 (Oct- March) sank to US$1.4 billion, which shows a drastic drop of $263 million as against the year-ago period, the Ministry of Commerce’s data showed. The international trade stood at over $1.66 billion in the corresponding period of last FY 2020-2021, according to data released by the ministry.

This month, Myanmar’s export was worth over $697 million whereas, the country’s import was relatively low at $703.68 million. The border trade dropped owing to the closure of border post by the main trade partner China amid the coronavirus impacts. However, the maritime trade was registered an increase of $115 million. At the present time, the traders have transaction problem triggered by the restriction of the private banks.

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. The Ministry of Commerce is focusing on reducing trade deficit, export promotion and market diversification. The external trade stood at $29.58 billion in the 2020-2021 FY, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar