Myanmar conveys $53.04 mln worth fishery products to Thailand through three border posts in past four months

Myanmar delivered fishery products to Thailand through three border posts in the past four months (April-July) of the current financial year 2022-2023, with an estimated value of US$53.04 million, according to the statistics released by the border posts. Fisheries exports via the Myanmar-Thailand border trade channel have returned to normal. The export volume of fishery products via three border posts and Htikhee, Mawtaung and Kawthoung is estimated at over 46,930 tonnes in the past four months.

During April-July 2022 period, trade value stood at $10.14 million at Htikhee border post, over $0.9 million at Mawtaung post and over $42 million at Kawthoung post, according to the trade data released by Myanmar Fisheries Federation. Trade volume in the corresponding period of the 2020-2021 FY was only 84,000 tonnes, which was still lower than the volume recorded in the same period of 2021-2022 mini-budget period.

Myanmar shipped over $181 million valued fishery products to foreign markets between 1 April and 22 July of the current FY 2022-2023, as per the Department of Fisheries. Myanmar exports raw aquaculture products from farms and caught by onshore and offshore fishing businesses to the external markets. Additionally, aquaculture products are also exported after being processed at the cold storage facilities. The Department of Fisheries and Myanmar Fisheries Federation are working together on fishery export promotion beyond self-sufficiency.

Source: The Global New Light of Myanmar


YGEA set gold price at over K2.1 mln per tical on global gold market trends

As gold price climbs in international markets, pure gold price set by Yangon Region Gold Entrepreneurs Association has gained to over K2.1 million per tical (0.578 ounce, or 0.016 kilogramme). In early August, gold prices stood at only US$1,770 per ounce in global markets. On 13 August, the price jumped to $1,802 per ounce. The domestic gold prices have risen accordingly. On 13 August, YGEA set the precious yellow metal at K2,101,000 per tical.

Nonetheless, the prices reached record-high of around K2.6 million per tical in the grey market.
The rising gold prices are attributed to the effect of the continuous Kyat depreciation in the local forex market. The unofficial exchange rate against the dollar is estimated at around K2,800 in the markets.
The association determined the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, said U Myo Myint, chair of YGEA.

Therefore, there is a gap of over K500,000 between the set price of YGEA and the informal market price. Consequently, the cross-border illegal market has arisen again. The soaring safe-haven dollar value against the weakening Kyat in the domestic forex market halted pure gold bar transactions as well, U Myo Myint stressed. Next, the authorities also interrogated some gold traders and currency exchange operators in end-July.

During the end of September 2021, a dollar value hit an all-time high of over K3,000 in the gold exchanges and consequently, the pure gold reached a high of K2.22 million per tical. The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is a compliance to payment rules or not in the domestic market, proceeding against those unscrupulous traders who intend to interfere in the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal foreign currency holding, illegal trade and taking legal actions against price manipulators.

Source: The Global New Light of Myanmar


Billing system of collecting bus fare of YBS depending on stops on five-day test

Bus fare collection on YBS payment cards will depend on number of bus-stops for five days, and initially, YBS 28 and YBS 29 lines will start working as a pilot test from 13 August, according to the YBS authorities.
The bus fare will be based on the number of stops by specifying the beginning of the gate, the middle of the gate, and the end of the gate. It will be started as a pilot test from 12 to 18 August and if it is convenient, it is planned to be implemented from 19 August.

Any stop will be charged 200 kyats according to the current fare format on the YBS-28 (Dagon University to Sule City Hall) bus line, starting from the starting stop and up to a total of 25 stops. A total of 300 Kyats will be deducted from the card if the journey exceeds 24 stops from the start of the bus stop. Similarly, any stop on the YBS-29 (Shwe Paukan Bridge to Sule City Hall) bus line will be charged 200 kyats from the starting stop up to a total of 33 stops. A trip that exceeds a total of 32 stops from the bus stop will cost 300 kyats. From 12 to 18 August, the Dilet Test system will be tested for five days only, and if it is effective, YPS card users will be able to make accurate fare payments using the YPS card based on the number of stops from 19 August.

It is reported that the previously fixed fare (Flat Fare) will now be changed to a fare (Distance Fare) which will be charged based on the distance traveled. YUPT Company announced in early August that if passengers will pay the fare with the YPS card, they will have to pay the fare with the card once to get on the bus and once to get off. As for the fare collection, it will cost 200 kyats if the trip is half way from the gate. It is planned to charge 200 kyats from any trip to the end of the gate and 400 kyats for the whole trip. If passengers pay for the start-to-end of the trip with the YPS card, the fare will be reduced by 5% discount and will cost only 380 kyats. A total of 116 YBS bus lines are transporting about 121,230 passengers with 3,172 buses in all townships in Yangon.

Source: The Global New Light of Myanmar