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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

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CBM policy change impacts on black gram prices

After the Central Bank of Myanmar notified that foreign exchange deposits must be converted into local currency at its reference rate of K1,850 and India extended the import deadline, the prices of black gram (urad called in India) have decreased. On 29 March, India released a statement about extending of the import deadline. The price of black gram fell from K1.5 million to K1,430,000 per tonne on 6 April, with a sharp drop of over K67,000 per tonne within ten days.

India extended relaxations of conditions regarding clearance consignment for black gram (urad called in India) and pigeon pea until 31 March 2023. Following that, the prices of black gram gradually declined as there was no need for traders to sell under the time limit. Nevertheless, as India has a monthly consumption of 200,000 tonnes of black gram, the requirement for black gram has been growing.

This being so, the price drop is likely to happen for a while, and the bean traders shared their opinions. The CBM’s policy change notified on 3 April 2022 had a considerable impact on the exporters. As a result of this, the trade is sluggish. The trade of various beans and pulses almost came to a halt, despite the price drop. Prices will rise on the back of India’s demand and the yield of Myanmar’s black gram. However, prices will fall owing to the policy changes and export slowdown. Those factors influence market price, and price fluctuation is happening.

Nevertheless, there are no changes in cost and freight (CFR) and Free on board (FOB) prices despite the policy change. The exporters have to negotiate the prices with the suppliers. The observers analyzed the export prices are likely to remain bearish and it will deal a huge blow to the bean and pulses market. Myanmar produces approximately 400,000 tonnes of black gram and about 50,000 tonnes of pigeon peas yearly. Myanmar is the top producer of the black gram, which is primarily demanded by India, while pigeon peas, green grams and chickpeas are cultivated in Australia and African countries besides Myanmar.

Source: The Global New Light of Myanmar

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Imports slide to $7.6 bln as of 25 March, MoC reports

The value of Myanmar’s imports between 1 October and 25 March of the past mini-budget period 2021-2022 (Oct-Mar) slightly narrowed to US$7.6 billion, which reflects a drop of $24 million compared to the year-ago period, the Ministry of Commerce’s data indicated. The import value stood at US$7.64 billion last FY 2020-2021. The imports of capital goods declined last month, while the other import groups (consumer, intermediate goods, and CMP businesses) increased.

Last month, capital goods, such as auto parts, vehicles, machines, steel, and aeroplane parts, were brought into the country. Their import value was estimated at $1.43 billion. The figure was over $1.3 billion lower than those values registered in the same period of the previous FY. Meanwhile, Myanmar imported consumer products worth $1.65 billion, including pharmaceuticals, cosmetics, and palm oil. The imports of consumer products showed an increase of $73.8 million compared with the same period in the previous FY.

Intermediate goods make up the largest share of Myanmar’s imports, with the main imports of petroleum products and plastic raw materials. This year, imports of raw materials climbed up to $3.4 billion from $2.5 billion registered during the year-ago period. During the same period, raw materials worth over $318.3 million were also imported for the Cut-Make-Pack (CMP) garment sector, increasing by $1.12 billion compared with last FY. The top 10 import countries to Myanmar are China, Singapore, Thailand, Malaysia, Indonesia, India, Viet Nam, Japan, the Republic of Korea and the US, as per data from the Ministry of Commerce.

Source: The Global New Light of Myanmar

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Republic of the Union of Myanmar
Central Bank of Myanmar
Notification No. 12/2022

3rd Waxing of Tagu, 1383 ME
3 April 2022

  1. The Central Bank of Myanmar has issued this notification in exercise of the authority conferred under sub-section (b) of Section 49 of the Foreign Exchange Management Law.
  2. According to the provisions of Section 11, Section 12 and Section 13 of the Foreign Exchange Management Law, the foreign exchange earnings of the locals must be sent back to Myanmar to the foreign currency account opened at the Foreign Exchange Trading (AD) licensed banks and exchange for Myanmar Kyats within one working day.
  3. In case of exemption in carrying out in accordance with paragraph (2), it shall be issued separately.
  4. Transferring foreign currency abroad must be carried out through the AD licensed banks with the permission of the Foreign Exchange Supervisory Committee.
  5. Foreign currency in various foreign currency accounts that have entered Myanmar before the date of issuance of this notification shall also be made in accordance with paragraph (2) of this notification.
  6. The Central Bank of Myanmar revokes Notification No. 35/2021 issued on 3-10-2021 with this notification.
  7. This notice shall take effect from the date of issue.
  8. Failure to comply with this notice will result in legal action under the Foreign Exchange Management Law.

Source: The Global New Light of Myanmar

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Sixteen container ships to arrive in Yangon Port during Thingyan holidays

Sixteen container vessels will arrive from 9 to 17 April, the April Thingyan holidays, when the Myanma Port Authority and ports are providing services to expedite the import of containers by sea as soon as possible.

Supervised by the Myanmar Port Authority in cooperation with the shipping lines and importers, the service of container vessels is facilitated at the port of Yangon with an average turnaround time of three days, which has increased the number of shipments and handlings.

According to the Myanmar Port Authority, there will be 52 vessels from 14 shipping lines this month, and 16 container ships will call at 16 ports during the nine days of the Thingyan holiday.

Source: The Global New Light of Myanmar