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COVID-19 impacts stop gold exports

The gold export has stopped owing to the COVID-19 pandemic, said Chair U Myo Myint of the Yangon Region Gold Entrepreneurs Association (YGEA). As international passenger flights have been banned, there is no export demand for gold yet. However, export procedures have been prepared, he continued. “There is no foreign demand, yet the gold is ready for export. They appraise the gold and set the price depending on the prevailing market price.

Then, it can be exported,” U Myo Myint elaborated. The Ministry of Foreign Affairs and the Ministry of Transport and Communications have declared temporary measures to prevent the importation of COVID-19 to Myanmar through air travel since 29 March 2020. They are extended until 31 March 2022, as per the notification released by the Central Committee on Prevention, Control and Treatment of Coronavirus Disease 2019 (COVID-19) on 18 March 2022.

As the fatality rate from COVID-19 and the infection rate have significantly dropped, the temporary suspension on international passenger flights will be lifted from 17 April in order for foreigners to enter Myanmar in line with travel requirements. Once Myanmar eases entry restriction, the gold export market is expected to revive. Additionally, the international remittance for gold transactions valued below US$50,000 is allowed to use the Telegraph Transfer (TT) system. Japan and the Republic of Korea primarily purchase gold and other jewellery, and other tourists also buy them, the YGEA stated. 

Source: The Global New Light of Myanmar

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Permit for the import license after arrival of goods at the port will not be granted from April 20, 2022

Import license after arrival of goods at the port; The Department of Commerce of the Ministry of Commerce has issued a press release (6/2022) stating that applications for permits will not be granted from April 20, 2022. Ministry of Economy and Commerce Due to various difficulties in applying for import permit quickly, import license, Pre-shipment is allowed before import permit is granted. On the day of arrival at the airport, import license; Import permits must be obtained by the deadline. Previously, the permit was issued on a Valid for Prior Arrival basis if the import permit had not been obtained.

However, taking advantage of this program, some businesses have applied for import licenses only when the goods arrive at Yangon Port. In addition, in order to comply with the customs clearance procedures issued by the Ministry of Planning and Finance in Notification No. 68/2019, the Ministry of Economy and Commerce.The Order No. (50/2020) dated 2020 stipulates that “goods not to be imported to the port before importation except for goods imported for import license to be imported into the Customs Warehouse” shall be permitted. It was announced that action would be taken.

Despite this announcement, the company, Some businesses are applying for import licenses only when they arrive at the port without complying with the order issued by the Ministry. Shipment should be done only after obtaining import permit. Import license after goods arrive at the port; The Department of Commerce will take action in accordance with the rules and regulations of the Notification No. 50/2020 if it is found that the permit application will not be granted from April 20, 2022 and if the relevant departments arrive at the port before the import license permit.

Source: Daily Eleven