YGEA needs CBM’s nod to use TT system for gold export, import transaction

The Central Bank of Myanmar (CBM) has not responded to the request submitted by Yangon Region Gold Entrepreneurs Association (YGEA) to resume the Telegraph Transfer (TT) system for gold export and import transaction, said U Myo Myint, chair of YGEA. At present, gold export has come to a stop after the international remittance for the gold transaction was changed from Telegraph Transfer (TT) to Letter of Credit (LC), he added. “Gold export is not going well. Only through the TT system, the trade will go smooth.

As the transaction is permitted only with LC, the trade is completely halted. We have requested the CBM regarding that matter. The officials said they will proceed with it. Yet the official notification of the resumption of the TT is not released. We will be connected again to the international market upon the TT system,” U Myo Myint elaborated. As per the notification released by the Ministry of Commerce on 12 August 2020, the transaction for gold export and import can be done only with the LC system. Myanmar is placed on the Grey List by the Financial Action Task Force (FATF), the inter-governmental body that sets anti-money laundering standards.

Therefore, the country needs to monitor the gold and jewellery exports and imports in order to ensure there is no illegal income. As per the notification released by the Trade Department, the payment method was changed to LC. The payment using LC can take about two months, cost banking service changes by two sides, and increase the charges for security matter in transport. Consequently, gold trading in the international market has also stalled due to volatile prices, YGEA stated. The suspension in gold export left more than 10,000 goldsmiths unemployed. The domestic gold market might recover if the resumption of the TT system is permitted. Gold and other pieces of jewellery are primarily purchased by Japan and the Republic of Korea, and other tourists also buy them, the YGEA stated.

Source: The Global New Light of Myanmar

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Myanmar signs purchasing, production agreement for 10 million doses of Sinopharm COVID vaccines

The signing ceremony of the agreement to purchase and produce Sinopharm COVID-19 vaccine in Myanmar was held yesterday evening at Lotte Hotel, in Mayangon Township, Yangon Region. Chairman of the Central Committee for Supervision of COVID-19 Vaccine Production Union Minister for Industry Dr Charlie Than, Union Minister for Health Dr Thet Khaing Win, Yangon Region Chief Minister U Hla Soe, Deputy Minister for Industry U Ko Ko Lwin, Yangon Region Minister for Natural Resources U Zaw Win, Director of the Medical Services of the Ministry of Defence Maj-Gen Ko Ko Lwin, Ambassador of the People’s Republic of China to Myanmar Mr Chen Hai, and officials from the Ministry of Health and the Ministry of Industry attended the ceremony.

First, Union Minister Dr Charlie Than said COVID-19 is a highly contagious disease that is now spreading around the world, and vaccination is the most effective way to prevent the spread of COVID-19. Efforts are also being made to develop the COVID-19 vaccine in various parts of the world. By 2021, Myanmar had purchased 26 million doses of the Sinopharm vaccine. According to the Ministry of Health, the Sinopharm COVID-19 vaccine has been shown to have fewer side effects and is more effective. Efforts were made to purchase the COVID-19 vaccine from Sinopharm CNBG as Ready to Fill Bulk. Today, the acquisition of RTF Bulk to produce 10 million doses of COVID-19 vaccine is a new step in cooperation between Myanmar and the People’s Republic of China.

In collaboration with Sinopharm CNBG, we hope to develop not only important vaccines for Myanmar’s healthcare sector but also other drugs. The Ministry of Industry is working to produce and distribute more medicines needed by the people, the Union minister continued. He also said that the upcoming Chinese New Year 2022 will be a “tiger” year, so wishing to have good health, happiness and success. Afterwards, Ambassador Mr Chen Hai of the People’s Republic of China to Myanmar said that the first step in cooperation between Myanmar and China was to develop the vaccine produced by Sinopharm CNBG in Myanmar. China is distributing the COVID-19 vaccines to 120 countries and is stepping up research to develop a special treatment for the disease, he said. At the time of the third wave of COVID 19 in Myanmar, China was the largest supplier of the COVID vaccine.

Most of the COVID-19 vaccines that have been injected in Myanmar are made in China, and the signing of the RTF Bulk Agreement will greatly assist in the control of the pandemic in Myanmar, the Ambassador continued. Next, Chairman Mr Jingzhen Liu of Sinopharm Group said Sinopharm CNBG is a leading manufacturer and exporter of pharmaceuticals in China. It is engaged in medical treatment and industry and is the second-largest pharmaceutical manufacturer in Asia. The World Health Organization (WHO) has approved the emergency use of Sinopharm COVID-19 vaccines produced by the company. He also said that he will continue to cooperate in the prevention and control of the pandemic in Myanmar through the virtual system. Next, an agreement to purchase 10 million RTF Bulk Doses of Sinopharm COVID-19 vaccine was signed by Managing Director of Myanmar Pharmaceutical Enterprise U Myo Zar Ni Win and Mr Yang on behalf of Sinopharm China National Biotech Group.

Source: The Global New Light of Myanmar