CB bank

CB Banks allows daily transfer benchmark of K50 mln to all local banks

A total of K50 million can be transferred daily from CB Bank to any local bank using CB Bank’s Business iBanking service through smartphones, tablets and laptops, according to CB Bank.

The iBanking service can be accessed anytime and anywhere through the Internet. Personal iBanking account can be opened at CB Bank branches and Business iBanking account at CB Bank (UFC Tower-2nd Floor).

CB Bank has informed the customers that CB Bank’s Internet Banking service can be used by connecting with their CB Bank accounts.

Source: The Global New Light of Myanmar

MRF issues warning to stop riceprice manipulation

MYANMAR Rice Federation (MRF) issued a warning ahead of the price hike at Yangon’s rice wholesale centre. MRF stated that it will inspect those manipulators who spread malicious rumours on digital platforms to spark the concerns of the consumers and raise the rice prices for the sake of the long-term benefit of the rice industry. The federation will forward the reports to the relevant authorities. Those
stakeholders in the supply chain need to exert concerted efforts in this, as per the MRF’s notification dated 24 April. This move is to stabilize the rice price and steer the market for the right price and
the right product.

The MRF will join hands with the rice millers, rice traders and companies. Additionally, it encouraged the mill owners to achieve performance balance between the short term and long term. Individuals and family entities can contact the rice wholesale centres for a fair price and the right product. It is mentioned in the statement that the office of MRF can be contacted in the event of any difficulty. On 25 April, the prices of rice stood at K82,000-K1,060,000 per bag of Pawsan rice depending on producing areas (Shwebo, Myaungmya and Pyapon and Bogale), K72,000 for Pawkywe, K65,000 for short-mature summer rice (90 days) and K60,000 for monsoon Nangka variety. As the growers have sold the paddy out, the traders who keep the stocks in their hands are making great profits. Consequently, the price has risen. The price hike occurred three times in 2023.

The price of rice usually goes up in the Yangon market when old stocks diminish and the harvest season has not come. This year, the price goes up for various reasons. The rice prices spiked as per speculations on rice prices in the post-Thingyan period. The authorities warned those unscrupulous traders of spreading any malicious rumours on social media to trigger the consumers’ concerns. The consumers also request the traders to have sympathy for them.

Source: The Global New Light of Myanmar

2nd Ho Chi Minh City International Exhibition on the Food and Beverage Industry 2023

Date: June 28 -30, 2023

 Vietnam 2023 in Ho Chi Minh City Myanmar entrepreneurs are invited to participate in the “2nd Ho Chi Minh City International Exhibition on the Food and Beverage Industry 2023” .

   The purpose of the exhibition is to overcome difficulties and challenges for businesses. to expand the market; To support the products of Ho Chi Minh City; to create trade links; The purpose of the event is to attract effective investment sources for local food businesses.

   In the exhibition, the food products of the respective countries can be introduced with one general exhibition room of each respective country (or one exhibition room for each industry).

   Businessmen who want to participate in the exhibition should contact the Ministry of Economy and Commerce. Myanmar Trade Promotion Organization Trade Development Division Email moctradefair@myantrade.gov.mm Phone 067-408622 067-408623 is reported to be connected.

2023 SCO International Investment and Trade Expo General Introduction

Date:  June 15 -18, 2023

Place: SCODA Pearl International Expo Centre, Jiaozhou, Qingdao, Shandong

Major Event: Opening Ceremony and SCO Industrial and Supply Chains Forum

Supporting Events: Promotion and match-making meeting: Trade and Invest in the SCO Member Countries, SCO Night

Hosted by China Chamber of International Commerce People’s Government of Qingdao Municipality CCPIT Shandong Sub-council

Supported by Shanghai Cooperation Organization Secretariat Shanghai Cooperation Organization China Business Council Foreign Affairs Office of Shandong Provincial People’s Government Shandong Bureau of Commerce

Organized by Administration Committee of the China-SCO Local Economic and Trade Cooperation Demonstration Area Jiaozhou People’s Government CCPIT Qingdao Sub-council Qingdao Foreign Affairs Office

CB cards

CB Bank says holders can use prepaid cards from 21 April

The CB Bank has announced that prepaid cards of the bank, which are eligible for spending US$1,000 per month or the equivalent Myanmar kyat, will be able to be used starting 21 April.
CB Bank’s Prepaid Card is a type of card that can be used without having to have a saving account. Therefore, it can be more convenient than holding cash and can be used to withdraw cash from ATMs in more than 210 countries around the world, pay at a point of sale (POS), and make quick-and-easy payments for online shopping, foreign trips, restaurants, hotels, shopping centres, and hospitals. In addition, it can be easily topped up through CB Pay and iBanking. There were also initial notifications to customers that they could apply for CB Bank’s debit, credit, and prepaid cards at their nearest CB Bank branches.
Customers who own this prepaid card issued by CB Bank will be able to use it starting 21 April.

Source: The Global New Light of Myanmar

MNA to extend Yangon-Dubai-Yangon flight on 1 May

MYANMAR National Airlines (MNA) will extend the Yangon-Dubai-Yangon flight commencing on 1 May.

The Yangon-Dubai-Yangon flight is operated every Sunday weekly and it will fly every Monday.

The Sunday flight will leave Yangon at 7:40 am Myanmar standard time and will arrive in Dubai at 10:55 am (local time in Dubai). The flight will depart Dubai at noon (local time in Dubai) and will arrive at Yangon at 8:15 pm MST.

The Monday flight will leave Yangon at 5:50 pm MST and will arrive at Dubai at 9:05 pm (local time in Dubai) but also will depart Dubai (local time in Dubai) at 11 pm and will arrive at Yangon at 7:15 am MST.

MNA sells a ticket at US$468.

Source: The Global New Light of Myanmar

DICA

Notify DICA to carry out work only after receiving approval from the relevant ministry

The Directorate of Investments and Companies (DICA) has issued a notice to businesses that wish to operate after the establishment of the company only after obtaining approval from the relevant ministry.

Companies submitted to register as companies at the Directorate of Investments and Companies to do business are authorized by the Registrar to establish companies in accordance with the provisions of the Myanmar Companies Law.

According to the businesses that the companies want to establish and operate, the relevant ministries, If it is necessary to obtain the permission of the Departments, the work must be obtained after obtaining the permission. (For example, if you want to operate a private hospital, you need to request the approval of the Ministry of Health, if you want to operate a bank, the approval of the Central Bank of Myanmar, if you want to operate an education service, you need to request and obtain the approval of the Ministry of Education, etc.

Therefore, the company that needs to register and obtain a license to operate according to the businesses it wants to operate. Organizations are relevant ministries, The Directorate of Investments and Companies (DICA) has issued a notice to carry out business only after obtaining the approval of the departments.

In accordance with the Myanmar Companies Law (2017), companies can be incorporated in the Department of Investment and Companies Directorate.

There is no minimum capital requirement for setting up a company. The Directorate of Investment and Companies has established and maintained the Electronic Company Registration System (MYCO) as a registration system for all companies and registered organizations under the Myanmar Companies Law 2017. Information from the MYCO registration system is maintained electronically and is accessible to the public 24 hours a day.

Source: Daily Eleven

Trading

Border trade tops US$8 bln in 2022-2023 FY

Myanmar’s border trade totalled US$8.57 billion in the 2022-2023 financial year. Myanmar’s exports outperformed imports in border trade, with the exports worth $6.086 billion and imports valued at $2.484 billion, according to the Ministry of Commerce.
The value of border trade was estimated at $7.75 billion in the FY 2021-2022, including exports worth $5.413 billion and imports valued at $2.338 billion.
The figures showed an increase of $818.268 million in the FY2022-2023 compared to that recorded in the FY 2021-2022.
Myanmar conducts cross-border trade with neighbouring countries (China, Thailand, Bangladesh and India). Of them, Thailand was ranked first with exports worth $3.479 billion and imports worth $1.876 billion. China was placed second in border trade with exports worth $2.5 billion and imports worth $561.938 million.
Myanmar exports agricultural products, livestock products, fishery products, minerals, forest products, manufacturing goods and other goods to the neighbouring countries.
Myanmar imports capital goods, consumer goods, intermediate goods and raw materials from the CMP enterprises. 

Source: The Global New Light of Myanmar

Fuel oil persists in high prices

he fuel price stayed on the rise in the domestic market.
On 17 April, the prices stood at K2,235 per litre of Octane 92, K2,300 for Octane 95, K2,095 for diesel and K2,175 for premium diesel.
The domestic fuel prices are set depending on the price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in southeast Asia, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil.
Last August 2022, the oil prices surged to K2,605 per litre for Octane 92, K2,670 for Octane 95, K3,330 for premium diesel and K3,245 for diesel.
The committee is therefore governing the fuel oil storage and distribution sector effectively not to have a shortage of oil in the domestic market and to ensure price stability for energy consumers.
The Petroleum Products Regulatory Department, under the guidance of the committee, is issuing the daily reference rate for oil to offer a reasonable price to energy consumers. The reference rate in Yangon Region is set on the MOPS’s price assessment, shipping cost, premium insurance, tax, other general cost and health profit per cent.
The rates for regions and states other than Yangon are evaluated after adding the transportation cost and the retail reference rates daily covered on the state-run newspapers and are posted on the media and official website and Facebook page of the department daily starting from 4 May.
The committee is inspecting the fuel stations whether they are overcharging or not. The authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law 2017 if they are found overcharging rather than the set reference rate.
As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. The domestic fuel price is highly correlated with international prices. The State is steering the market to mitigate the loss between the importers, sellers and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those of regional countries.
Some countries levied higher tax rates and hiked oil prices than Myanmar. However, Malaysia’s oil sector receives government subsidies and the prices are about 60 per cent cheaper than that of Myanmar. Every country lays down different patterns of policy to fix the oil prices. Myanmar also levies only a lower tax rate on fuel oil and strives for energy consumers to buy the oil at a cheaper rate. 

Source: The Global New Light of Myanmar

MAI to extend Yangon-Chennai-Yangon flights on 6 May

A new Yangon-Chennai (formerly Madras)-Yangon route will be reportedly extended on 6 May by MAI Airlines.
The flight will run three times a week every Monday, Wednesday and Friday, and will depart from the Yangon International Airport at 8 am and arrive in Chennai at 11:15 am (local time). The Chennai-Yangon flight number 8M 631 will depart from Chennai at 11:15 am and arrives in Yangon at 3:15 pm. The price of the flight ticket is currently set at US$260.
The MAI Airlines currently operates the Yangon-New Delhi-Yangon flight and the Yangon-Bodh Gaya flight three times a week, while the Yangon-Singapore-Yangon route is operated once a week.

Source: The Global New Light of Myanmar