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Palm oil reference rate set at K5,620 per viss in Yangon until 1 May: CAD

The reference price of palm oil is set at K5,620 per viss (a viss equals 1.6 kilogrammes) on 1 May, and the Department of Consumer Affairs is controlling the market to ensure price stability. The Supervisory Committee on edible oil import and distribution under the Ministry of Commerce has been issuing a weekly reference rate to govern the market in line with the changes in international rates. The MoC
announced on 25 April 2022 that the reference rate for a week from 25 April to 1 May is set at K5,620 per viss. “The Consumer Affairs Department carried out supervision of palm oil market. We issue the reference rate on a weekly basis through the state-run newspapers. The department set the gross profit not to exceed more than 2 per cent of the reference rate in Yangon. We govern this condition.

The traders might add transportation and labour charges for other regions and states. We are endeavouring to ensure the price stability,” said an official of the department. The price of palm oil rocketed up to over K7,000 per viss in the domestic market, tracking Indonesia’s palm oil export policy. Ministry of Commerce is striving for the consumers not to worry over the supply of edible Palm oil reference rate set at K5,620 per viss in Yangon until 1 May: CAD oil. The ministry is also trying to secure the edible oil sufficiency, supervise the market to offer a reasonable price to the consumers, maintain the price stability and prevent market manipulation.

MoC stated that if those retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Special Goods Tax Law. There are 31,090.98 tonnes of palm oil (19.03 million visses) remaining in the palm oil tanks. There is a sufficiency in the domestic market. The department is ensuring the daily distribution of palm oil to other regions and states. The shipments of palm oil from foreign countries are regularly seen, MoC stated. The domestic consumption of edible oil is estimated at one million tonne per year. The local cooking oil production is just about 400,000 tonnes. About 700,000 tonnes of cooking oil are yearly imported through Malaysia and Indonesia to meet the oil sufficiency in the domestic market.

Source: The Global New Light of Myanmar

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Press Release

Under the Foreign Exchange Management Law, Foreign Exchange Management Regulations and Notification No 46/2021 dated 10-11-2021 of the Central Bank of Myanmar, the holder of a foreign currency trading licence shall inspect whether exporters receive export earnings within three months from the date of the shipment of the goods accordingly to the evidence of the actual exports. The exporters must deposit their export earnings into their banking accounts within three months from the date of the shipment of goods without fail under that law and regulations. However, it was found that exporters failed to follow the law mentioned above, rules and regulations. Therefore, exporters must deposit all their export earnings into their banking accounts within three months from the date of the shipment of goods without fail under the provisions of the Foreign Exchange Management Law and Foreign Exchange Management Regulations. If they fail to do so, action will be taken against them under Section 42(a) of the Foreign Exchange Management Law.

Central Bank of Myanmar
(27.4.2022)

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Depositors at Myanmar Apex Bank Limited can enjoy reliable banking services on a regular basis without any worry, CBM announces

The Central Bank of Myanmar closely monitors the financial convenience and cash deposit and withdrawal of the Myanmar Apex Bank Limited and provides liquidity support if necessary. Therefore, the CBM issued a statement saying that depositors at the Myanmar Apex Bank Limited could access banking services regularly without any worries yesterday.

Since the Anti-Corruption Commission (ACC) prosecutes the Chairman and Chief Executive Officer of the Myanmar Apex Bank Limited under Section 55/63 of the Anti-Corruption Law, the Bank has announced that the above persons have terminated their duties and proposed the re-appointment of the Chairman and Chief Executive Officer of the Bank.

The statement said that the Central Bank of Myanmar approved the appointments on 27 April 2022 in accordance with the provisions of the Central Bank of Myanmar Law and the Financial Institutions Law. The Central Bank of Myanmar is making efforts to stabilise the financial system and strengthen the efficient payment and clearing systems.

Therefore, the Central Bank of Myanmar is monitoring Myanmar Apex Bank Limited. It is reported that the financial condition of the Myanmar Apex Bank Limited is stable, and the bank is following the instructions of the Central Bank of Myanmar. Therefore, the central bank has issued a statement saying that those who have savings in Myanmar Apex Bank Limited and people working with the bank do not have to worry.

Source: The Global New Light of Myanmar