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The embassies of Singapore and Japanese have demanded the exemption due to difficulties with the setting of MMK 1,805 per dollar

The embassies of the two countries have demanded the exemption of Singapore and Japanese companies due to difficulties with the setting of 1,850 kyat per dollar, according to a statement. According to a statement from the embassies of these countries, the central bank’s directive to exchange dollars and kyats within a working day if there is foreign currency inflows is causing difficulties. Singaporean investment companies operating in Myanmar are facing challenges due to central bank directives and are struggling to stay afloat.

As a result, the Singapore embassy has demanded that all Singaporean companies be exempt from the central bank’s directive. From October 2021 to February 2022, a total of more than $ 530 million in foreign investment came in, accounting for more than 52% of the total investment from Singapore, valued at over US $ 277 million. The Japanese embassy said in a statement that it was “very difficult” for Japanese businesses to invest in Myanmar, and called on Japanese companies and legal entities to be exempt from the central bank’s policy in order to maintain goodwill between the two countries. The official bodies of the Japanese government in Myanmar are the Embassy of Japan in Myanmar; JICA; Jetro and the Thilawa SEZ are home to several billion-dollar companies.

Foreign exchange inflows must be converted into Myanmar kyats within one day from the date of entry and the exchange rate is 1,850 kyats per dollar, according to Directive No. 4/2022 dated 3 April 2022. According to Notification No. 12/2022 issued by the Central Bank of Myanmar on April 3, 2022, foreign exchange licensed (AD) licensed banks are required to comply with the following: (A) Notification No. (12/2022) of Notification No. 12/2022 dated (April 20, 2022) of the Central Bank of Myanmar (Ref. 3) Except for the exemption cases, the foreign currency accounts opened at AD licensed banks shall be exchanged for Myanmar kyats within one working day from the date of entry and shall be credited to the kyats opened by the recipient. The conversion from foreign currency to Myanmar kyat must be exchanged for 1850 Kyats per dollar. For other currencies, the central bank has set the exchange rate at 1,850 kyat per dollar.

Source: Daily Eleven

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A BOD member from the companies applying for foreign purchase must submit an import license, amount to be purchased, company to be transferred, bank account, etc. in person

A BOD member from the companies applying for foreign purchase must submit an import license, amount to be purchased, company to be transferred, bank account, etc. in person according to the Ministry of Commerce. Exporters and importers must submit the following information in order to purchase foreign currency in order to purchase foreign currency. A BOD member must be present in person. 

The import license must be valid from March 28, 2022 to April 4, 2022. Must have a list of three priority banks that want to buy money. The amount of money you want to buy; Company Foreign Exchange Account No. / Bank Name; Invoice Bill of Landing; Name of company to be transferred / Bank account number / Bank name; Delivery status Once the customs clearance has been completed, the release order must be attached to the release order, the statement said.

The central bank’s directive (6/2022) issued on April 5 states that AD-licensed banks should be able to sell foreign currency at a fixed rate of only three kyats per dollar for foreign exchange transfers. The directive states that AD-licensed banks, if approved by the committee to transfer foreign currency to foreign countries, should sell foreign currency to the recipient at the exchange rate set by the Central Bank of Myanmar and charge a service fee of three kyats per dollar.

According to the Notification No. (12/2022) dated (3.4.2022) dated (3.4.2022), foreign exchange trading (AD) licensed banks are required to comply with the following within one working day regarding the entry into foreign currency account of the foreigner resident in foreign currency. In case of export earnings, transfer to the account of the relevant company on the day of foreign exchange receipt. 

The AD licensed bank will purchase at the exchange rate set by the central bank and deposit into the kyat account. In case of other income including service, the relevant company, To transfer to a person’s foreign currency account; The AD licensed bank will purchase at the exchange rate set by the central bank and deposit into the kyat account. Sending dividends for foreign investment; Remittances; transfers for overseas investment; These include repayment of foreign loans and interest, and the transfer of expenses set forth in Article 27 of the Foreign Exchange Management Code.

Source: Daily Eleven

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Entrepreneurs delighted with tourism recovery from COVID-19

Myanmar’s tourism industry is welcoming the ease of suspension on international passenger flights and tourism recovery on Myanmar New Year Day, which will fall on 17 April 2022. It has been over two years since the international air transportation services halted amid the COVID-19 pandemic. The government will lift global flight restrictions from 17 April 2022 with a view to reviving the tourism business, effectuating the development of regional business and creating job opportunities. With the domestic tourism businesses resuming, hotels and guesthouses at the beaches have been fully booked between 9 and 17 April.

Moreover, tourists linking with the travel agents are also eager to come and visit Myanmar once the international passenger flights resume on 17 April. “The domestic tourism business is raising its head again during the New Year holidays. As Myanmar is soon to reopen the international tourists, there are enquiries about entry requirements for the COVID-19 and travel restrictions and permission in the country. Nearly 70 French tourists have said to visit Myanmar. Yet, transit is allowed with some restrictions at Singapore Changi Airport. The resumption of international travel to Myanmar is required to be informed. This way, the tourism industry will grow in a short time. Thailand and Viet Nam are also offering visa exemptions for travel purposes to attract tourists.

If we can ease more travel requirements and offer exemptions, there is potential to achieve positive change and success in the tourism industry among the regional countries,” U Maung Maung, a travel entrepreneur from the World Quest, was quoted as saying. Viet Nam attracted more than 90,000 tourists in the first quarter of this year on account of the resumption of international transport services, lifting the ban on tourism businesses and reopening the cross-border areas, which is a year-on-year rise of 89.1 per cent. Viet Nam strives to generate foreign revenues. Thailand is also endeavouring for tourism recovery. That is why Myanmar, the neighbouring country with Thailand, can also accelerate tourism in summer.

Tourists eye the famous destinations like Bagan, Inlay, Pindaya, cultural heritage, and ecotourism. Consequently, the businesses relying on the tourism industry will also return to normalcy. Tourists love the kind and patient Myanmar people who always welcome them with a kind and sincere smile. They are enthusiastic about coming here, travel agents stated. Myanmar’s captivating mountain ranges, scenic views and friendly and honest smiles of the local people are acknowledged by the tourists. I am delighted with the resumption of air travel. U Maung Maung added that the tourists are expected to visit Bagan, Inlay, Mandalay and Monywa’s Phoewintaung (Buddhist cave). Tourism entrepreneurs are delightfully welcoming moves to ease of travel restrictions starting from the Myanmar New Year Day. 

Source: The Global New Light of Myanmar