20200203_142425-NS-720x477

Rice price move upwards in domestic market

The prices of rice that are mainly consumed locally continued to rise, according to the Wahdan Rice Wholesale Centre. At the end of March 2023, Pawsan rice prices moved in the range between K72,000 and K90,000 per bag depending on the producing areas (Shwebo, Myaungmya, Dedaye, Pyapon and Pathein).

Meanwhile, the prices stood at K77,000 per bag for Kyapyan, K64,500 for Khunni, K54,000 for Ngasein, K59,000 for short-mature rice (90 days), K54,000 for Emahta, K65,000 for Pawkywe and K53,000 for rice grown under intercropping season. The prices of Pawsan rice climbed up to K75,000-93,000 per bag on 3 April. The prices of various rice varieties were up by K1,000-3,000 per bag within three days.

An increase in paddy prices drove rice prices up. Starting from 3 August 2022, Myanmar Rice Federation, Myanmar Rice Producers and Planters Association, Myanmar Rice Millers Association, and traders and brokers engaged in Wahdan Rice Wholesale Centre and Bayintnaung Rice Wholesale Centre have been working together to offer fair prices for Shwebo Pawsan from K75,000-77,000 per bag and other rice varieties to the consumers at the Wahdan Wholesale Centre.

The offer prices are K52,000-55,000 per bag of Pawsan from the Ayeyawady area, K55,000-60,000 per bag of Kyapyan, and K35,000-37,000 per bag of short-mature rice varieties (90 days) at the Wahdan Rice Wholesale Centre. Each household can buy only one bag. Those traders and retailers are not entitled to buy them.

Source: The Global New Light of Myanmar

0_54_0-NS-1024x678

YRIC nods 11 domestic, foreign enterprises on 29 March

The Yangon Region Investment Committee (YRIC) endorsed two domestic and seven foreign enterprises in the manufacturing sector and two foreign enterprises in the service sector, with an estimated capital of over US$11.606 million at a meeting 3/2023 held on 29 March at YRIC office.

Those projects will execute warehousing services and logistics services, hotel service business, rice milling and processing, manufacturing of clothes on a Cutting, Making, and Packing (CMP) basis, electrical wires, and production and exportation of aluminium, tin and copper. They will create over 4,000 jobs for the residents.

The manufacturing sector has attracted the most foreign investments in Yangon Region, with enterprises engaging in the production of pharmaceuticals, vehicles, container boxes, and garments on a Cutting, Making, and Packing (CMP) basis. At the meeting, Next, 12 companies raised general matters at the meeting and the YRIC gave green light to one enterprise for capital expansion of $0.62 million. 

Source: The Global New Light of Myanmar

blog-1632738331

Service fees for trademark registration applications defined

In accordance with the trademark law, the fees to be paid according to the types of service related to the trademark registration application were published on 1 April. According to sub-section (j) of Section 8 of the Trademark Law, the fees to be paid for the type of service in connection with the application for trademark registration in line with the agreement of the Union Government are: K150,000 for the examination of acceptance of trademark registration application (TM-1), K100,000 for the review of reinstatement of an application due to failure of prescribed rules (TM-3) and K50,000 for the amendment of request for correction of error in an application (TM-4).

In addition, K50,000 for the request to limit the list of goods/services in an application (TM-6), K100,000 for the request to divide an application for registration (TM-7), K150,000 for the application to oppose a trademark application (TM-8), K50,000 for the request for certified copy of registration certificate (TM-9), and K50,000 for the request for amendment of registration of a trademark (TM-10), will be charged.

Furthermore, K300,000 for the application for renewal of trademark registration (TM-11), K100,000 for the application to register a transfer of ownership (TM-12), K100,000 for the application to register a licence of trademark (TM-13), K150,000 for the application for invalidation of a registered trademark (TM-15), K100,000 for the application for cancellation of a registered trademark (TM-16), K20,000 for the request for change of representative or agent (TM-17), K50,000 for the request for extension of time (TM-18), and K500,000 for the application for appeal (TM-19) must be paid. It is announced that the fees for the types of services related to trademark registration applications will be revised and published from time to time. 

Source: The Global New Light of Myanmar

shutterstock1784722979

Republic of the Union of MyanmarAnnouncement of Central Committee on Prevention, Control and Treatment of CoronavirusDisease 2019 (COVID-19)

11th Waxing of Tagu 1384 ME
31 March 2023

As it is necessary to continuously control infection of the Coronavirus Disease 2019 (COVID-19), it is hereby announced that public requests, orders, notifications and directives (except for easing the restrictions) released by the Union-level organizations and Union ministries up to 31 March 2023 have been extended until 30 April 2023 for prevention, control and treatment of Coronavirus Disease 2019 (COVID-19).

Source: The Global New Light of Myanmar

Thailand to allow only 14 visa-free days

According to the statement of the Myanmar Embassy in Bangkok, those who will visit Thailand will be allowed to stay only for 14 visa-free days. Previously, visitors to Thailand were granted 45 days without having to apply for a visa in advance, but from 1 April onwards, they will be allowed to stay for 14 visa-free days. During the period from 1 October 2022 to 31 March 2023, foreigners with a visa-free agreement (including Myanmar) can stay up to 45 days and those with visas on arrival are allowed to stay for up to 30 days. However, those who want to stay longer can apply for a visa at the Royal Thai Embassy in Yangon, as only 14 visa-free days will be allowed starting 1 April. 

Source: The Global New Light of Myanmar

Kyat depreciates at K2,870 against US dollar in black market

Kyat depreciation against greenbacks persists at K2,870 in the grey market although the Central Bank of Myanmar set the reference exchange rate at K2,100. CBM has set the currency trading band at 0.3 per cent for the Kyat to fluctuate between these two specified upper and lower exchange rates for transactions, selling or buying, according to a directive issued by the CBM on 10 August 2022. Therefore, financial institutions including banks and informal money exchanges are instructed to set a dollar value at K2,094 for buying and K2,106 for selling.

However, the over-the-counter Kyat-dollar exchange rate was K2,855 for buying and K2,870 for selling on 31 March. There is a large price difference between the reference rate of the CBM and the unofficial market rate. However, there is no way to set the new price, as per the notification released on 15 December. Investigation and Prosecuting of market manipulation to hike the exchange rate in the local forex market with the malicious rumours will be undertaken, according to the Central Bank of Myanmar’s statement released on 10 February.

Some exporters, importers and banks are attempting to raise the exchange rate owing to the rumours. The statement called for bank institutions to govern the market and investigate those fraudsters who circulate rumours. The CBM released a notice that the exporters, importers and banking institutions are asked not to elevate the exchange rate. Those banking institutions that will not abide by financial regulations will face legal action as well. Last August, a dollar value hit an all-time high of over K4,500 in the grey market. Consequently, the CBM sold dollars at its auction market for the sectors in need, to control the soaring dollar. A total of $443.8 million were sold at an auction rate in 2021 as well. 

Source: The Global New Light of Myanmar