CBM releases lists exempted from exchange regulations

The Central Bank of Myanmar released a list exempted from exchange regulations. The Foreign
Exchange Supervisory Committee held a meeting regarding Notification 12/2022 of the CBM issued in April. The list included the Woori Bank Representative Office and foreign accounts at the Myanma Foreign Trade Bank, Panjab National Bank, Yangon Representative Office, China National Oil Corporation (Myanmar Branch), Thilawa and Dawei SEZs management committee companies, Kyaukpyu SEZ Development Committee and Kyaukpyu SEZ Deep Seaport Company. The companies with ten per cent and above foreign investment, foreign direct investment and businesses in SEZs are also exempted from the exchange regulations.

Source: The Global New Light of Myanmar

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Private investment called to develop six new hydropower projects

The Department of Hydropower Implementation of the Ministry of Electric Power have invited open tenders to develop six new hydropower projects with private investment. The ministry invited hydropower
companies interested in the project to be implemented in Phone In Kha, Kasan Ye, Namhmeseng, Nam Kan, Nam Tabat (Kayah) and upper Hsedawgyi.

The statement added that interested companies need to conduct feasibility reports. Tender forms will be on sale until 8 August and bids must be submitted by 18 November. Details of the tender announcement form are available at moee.gov.mm.

In Myanmar, there are 27 hydropower plants with a capacity of 10 MW and 35 plants under 10 MW. These plants produce more than 3,000 MW. It is learned that project developers can take at least three years to study the ground conditions of the project area, geological conditions, rainfall, water flow rate, water storage potential, and amount of electricity to be produced.

Source: The Global New Light of Myanmar

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Instructions made to use US dollars for border trade

The Foreign Exchange Supervisory Committee released a statement saying to use only US dollars to
trade rice, bean, corn and edible crops at Myanmar’s border trading points on 2 July. Previously, the authorities allowed Myanmar kyats instead of yuan and baht at China and Thai border trade camps and now they instructed traders to use only US dollars starting this month. The action aims to harmonize the fixed export prices and trade via the sea route, the statement said. “We have to trade as per the reference exchange rates of the Central Bank of Myanmar.

When we export to Asian countries, we have to deposit the export earnings within 45 days, and within 90 days if we export to other countries,” said U San from the Bayintnaung Wholesale Centre. Moreover, four offices of the Myanma Economic Bank and private banks were opened at Kokang Self-Administered Zone and Chinshwehaw border with the help of CBM due to the proposals of Chinshwehaw border trade points and chambers of commerce, according to Kunlong-Hopan-Chinshwehaw-Laukkai border trade chambers of commerce.

The offices of the Myanma Economic Bank, Myanma Apex Bank, AYA Bank, KBZ Bank, and United Amara Bank will be established at the Wamgli hotel hall on the Chinshwehaw border and the banking entrepreneurs can make enquiries. The yuan account opening and payment for imports/exports using yuan can be made at these offices on 4 July. The exporting earnings received from border trade must be deposited at CBM’s reference rate of K1,850 and those who fail to do so will be blacklisted and licences will be revoked. The dollar was used in border trading previously and the current system is only for the sea route trade payment system. If the CBM grants the needed dollars in full, the business persons can operate their businesses properly, said U San from the wholesale centre.

Source: The Global New Light of Myanmar