CBM says no plan to change referenceexchange rate

THE Central Bank of Myanmar (CBM) has no plan to change the reference exchange rate and it will maintain USD liquidity and Kyat Liquidity providing operations, according to the CBM’s notification
released on 26 May. Additionally, the CBM will sell more foreign currencies at the FX counters of the relevant banks. To stabilize and enhance the FX market, the CBM has been providing liquidity through local banks. It helps reduce the need for US dollar liquidity and Kyat liquidity for the businesspersons and stabilize the exchange rate, the statement mentioned. However, those unscrupulous are attempting to take advantage of some people by manipulating the FX market with false rumours. This being so, the CBM announced that it has no plan to change the reference exchange rate. The CBM will continue to provide USD liquidity and Kyat liquidity. Those studying abroad, working abroad under the foreign recruitment program of the Ministry of Labour and going abroad for medical treatment are entitled to buy large amounts of foreign currencies at the banks’ FX counters and the CBM has planned to sell
the cards for international payment during the set period. The CBM warned the people of malicious rumours regarding the FX market. Investigation and prosecution of market manipulation to hike the exchange rate in the local forex market by disseminating incorrect information will be undertaken under the provisions stipulated in the Central Bank of Myanmar Law and Foreign Exchange Management Law. Tipping off about the manipulators can be done through the CBM’s email: gov.office@cbm.gov.mm.

Source: The Global New Light of Myanmar

Myanmar-China economic and trade cooperation discussion, signing ceremony held

THE Myanmar Trade Promotion Organization under the Ministry of Commerce, and the Lancang
People’s Government in Yunnan Province, the People’s Republic of China, are co-hosting Myanmar (Nay Pyi Taw)-China (Lancang) Trade Fair from 25 to 28 May. As part of the programme of the second day, the
Myanmar-China economic and trade cooperation discussion and the signing ceremony took place at the
Plenary Hall of the Myanmar International Convention Centre II (MICC-II) yesterday morning.
First of all, Lancang cultural dance troupes from the People’s Republic of China performed traditional
Chinese dances at the ceremony.

Afterwards, Director-General Daw Naw Muta Kapaw of the Myanmar Trade Promotion Organization, Economic and Commercial Counsellor Mr Tan Shufu from the Chinese Embassy, and Director Mr Zhou Yongzhi of the Lancang Commerce Department gave their opening speeches. Next, companies from Myanmar and China presented the conditions under which the two countries will be able to cooperate in trade. Then, 17 companies from both countries signed nine agreements on cooperation and trade in areas such as agricultural products, foodstuffs, soft drinks and beverages, pharmaceutical products, household electronics, and electric vehicles.

Source: The Global New Light of Myanmar

Myanmar manufacturing sector attracts $3.7 mln in April

MYANMAR’S manufacturing sector drew over US$3.7 million in April 2023, including capital expansion by
the existing enterprises, as per the statistics released by the Directorate of Investment and Company
Administration (DICA). One enterprise listed from China put a foreign direct investment of $2 million in the manufacturing sector in April.
Myanmar attracted foreign direct investments of $1.64 billion from 87 enterprises last financial year 2022-
2023 (April-March). The majority of the investments were brought into the manufacturing sector, drawing
$271.8 million from 64 enterprises. The agriculture sector drew $3.5 million from two projects. The power sector received $820.27 million from 11 projects, while one enterprise put $29 million in the real estate sector and five other foreign enterprises made an investment of $504 million in the service sector respectively. The hotels and tourism sector attracted $2.8 million with two projects. The mining sector received $7 million from one project.
Additionally, the livestock and fisheries sector attracted one enterprise with over $2 million in investments. The manufacturing enterprises and businesses that need a large labour force are prioritized to create job opportunities for the local community. Manufacturing of fertilizer, cement, iron and steel, value-added foodstuff, electric vehicle and pharmaceutical and medical devices, agriculture and livestock farming and related industries and public transportation services will be prioritized for investment. The commission welcomes both foreign direct investment and domestic investments made by Myanmar citizens in those sectors.

Myanmar Investment Commission and the related ministries will also ensure investment facilitation.
Myanmar’s manufacturing sector is largely concentrated in garment and textiles produced on the Cutting,
Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent. There are active 541 factories operated under Myanmar Garment Manufacturers Association. The majority of them are from China, followed by Myanmar and the Republic of Korea. Myanmar has drawn foreign direct investment of more than $647.127 million from 49 enterprises in the past mini-budget period (October 2021-March 2022). Of them, 40 foreign enterprises put investments in the manufacturing sector, pumping an estimated capital of $202.667 million.

Source: The Global New Light of Myanmar


e-Registration Management System launched for taxpayers

The Internal Revenue Department announced that the e-Registration Management System will be launched for taxpayer registration commencing on 23 May.

The Internal Revenue Department implemented the e-Registration Management System for taxpayers, intending to make the process easier and faster for the public. By using the e-Registration Management
System, taxpayers can make the registration through the Internet without having to go to the tax office.

In addition, companies, organizations, non-profit organizations and individual private entrepreneurs are requested to use the e-Registration Management System beginning on 23 May. The e-Registration Management System have to be uniformly adopted in the taxpayer registration processes.

Source: The Global New Light of Myanmar

Pure gold price hovers at high level in domestic market

The price of pure gold remains high at around K3 million per tical (0.578 ounce or 0.016 kilogramme) in the unofficial domestic market on 3 May as the spot gold price rallied at $2,010 per ounce.
On 13 May, YGEA hiked the reference rate to over K2,368,000 per tical while the precious yellow metal was priced at K3,006,000 per tical. Consequently, there is a large price difference of about K600,000 per tical between the YGEA’s reference price and the price in the unofficial market.
YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition, while the US dollar is exchanged at K2,860 in the unofficial forex market. The US dollar exchange rate weighs on domestic gold prices. The YGEA requested sellers to make gold transactions below K2.9 million per tical on 27 April when the gap between the reference price and the market price is wide.
Following the bankruptcy of the US bank, the gold price soared. Despite the gold gain in the global market, Myanmar’s forex market sees no movement at all. Consequently, YGEA requested its members not to buy them competitively, tracking the upward trend in the gold spot price, as per YGEA’s statement released on 20 March.
Afterwards, the YGEA called for the members to make gold transactions with only immediate payment and avoid verbal transactions over calls without having any physical stocks. The YGEA is not bound to have any responsibilities for market manipulation in the unofficial market. As a result of this, its members are asked to strictly adhere to the rules and regulations of the association while making gold transactions.
At present, the authorities concerned are attempting to deal with market abuse and inspecting and prosecuting market manipulation is being undertaken.
Moreover, the Central Bank of Myanmar will inspect those manipulators to interfere with market stability through digital platforms, according to the notification dated 20 March.
The soaring dollar exchanging at over K4,500 drove the pure gold price up to a record-high of K3.7 million per tical in late August 2022. For the gold price to decline, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots under the competitive bidding system in Yangon, Mandalay and Nay Pyi Taw. With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well. 

Source: The Global New Light of Myanmar

myan- thai border trade

Myanmar-Thailand border trade crosses US$390 mln in April 2023-2024

Myanmar’s border trade with the neighbouring country, Thailand, totalled US$393.233 million in April during the current financial year 2023-2024.
The figures surged from $329.046 million recorded in the year-ago period, showing a significant increase of $64.187 million.
Myanmar carries out cross-border trade with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee and Mawtaung borders. Among them, the Hteekhee border performed the largest trade worth $273.366 million last month.
The trade values stood at $97.113 million at Myawady border post, $12.986 million at Tachilek, $7.189 million at Myeik, $2.491 million at Kawthoung and $0.088 million at Mawtaung.
Myanmar conducts border trade with the neighbouring countries China, Thailand, Bangladesh and India. It exports agricultural products, livestock products, fisheries, minerals, forest products, finished industrial goods and other goods, while it brings in capital goods, intermediate goods, consumer goods and raw materials by the CMP enterprises.
Thailand’s demand for Myanmar’s kitchen groceries (onion, rice powder, chilli pepper) has risen as it resumed the tourism businesses in the post-COVID period and the restaurants and food businesses widely used them.
Fishery products are directly sent to Bangkok, Thailand through Maesot. The fast and fresh delivery service is the priority. There is a timely transport arrangement for perishable green items like onions, chilli pepper and cabbage at the border.
The cloth roll, construction materials, industrial raw materials, pharmaceuticals, motorcycle parts, footwear, clothes, fruits, food products, cosmetics, gas, lubricants, household goods, feedstuff, bicycles, stationery, auto parts, tiles, feedstuff, fertilizer and electronic devices are imported. 

Source: The Global New Light of Myanmar

Opening ceremony of Sittway-Kaladan international jetty

The opening ceremony of the Sittway-Kaladan international jetty under the India-funded Kaladan Multimodal Transit Transport Project was held in Sittway Township of Rakhine State yesterday.
First, State Administration Council member Deputy Prime Minister Union Minister for Transport and Communications Admiral Tin Aung San welcomed the Indian delegation led by Minister Mr Shri Sarbananda Sonowal of Ports, Shipping and Waterways at the Sittway-Kaladan international jetty.
At the meeting hall of the port, the relevant officials of A to Z Exim Limited presented the work processes of the port to the Deputy Prime Minister and Indian officials.
Then, Indian Ambassador to Myanmar Mr Vinay Kumar, Rakhine State Chief Minister U Htein Lin and Indian Minister for Ports, Shipping and Waterways Mr Shri Sarbananda Sonowal made speeches respectively.
Speaking at the event, the Deputy Prime Minister said the opening of the Sittway-Kaladan international port, part of the India-funded Kalandan Multimodal Transit Transport Project, is an achievement that brings benefits not only to India but also to Rakhine and Chin states. As it is a multimodal transport system by linking the sea route, inland waterways and roads, the flow of transport and goods between Rakhine and Chin states will be better and it can develop the socioeconomic status of residents. It will create more job opportunities. It is thankful for the efforts of the two governments as the project creates direct trading services to the regional countries in addition to India through the Sittway port.
Then, the Deputy Prime Minister and Indian Minister pressed the button to inaugurate the monument of the port and exchanged gifts. They also had a documentary photo taken together with the attendees.

They then conducted the ribbon-cutting ceremony of the Sittway-Kaladan international jetty at Sittway-Kaladan International Port where the international cargo vessel ITT Lion docked at.
At noon, the Deputy Prime Minister, Indian Minister and party met with the members of the Rakhine State Chambers of Commerce at the Royal Sittwe Resort Hotel. During the meeting, they discussed the potential of bilateral trade, trade volume to regional countries through Sittway Port, economic and job opportunities for Rakhine State residents, transport system between Rakhine State and Chin State.
The Deputy Prime Minister met state-level departmental officials of Rakhine State at the cabinet office to discuss the cyclone that is likely to occur in the Bay of Bengal on 8 May.
During the meeting, the deputy director-general of the Department of Meteorology and Hydrology explained the weather forecast and paths of the storm and the Rakhine State chief minister, the security and border affairs minister and the cabinet secretary reported on the preparations and measures to be conducted in the period of emergency.
Then, the Deputy Prime Minister gave proper instructions. The Deputy Prime Minister and party then inspected the digging sandbank for 1,262 metres long waterway of Sateyoekya Creek conducted by the Rakhine State budget in 2022-2023 and 2023-2024FYs, nine wells in the Sittway agricultural farm and well-digging processes at Sittway General Hospital.

Source: The Global New Light of Myanmar


Republic of the Union of MyanmarAnnouncement of Central Committee on Prevention, Control and Treatmentof Coronavirus Disease 2019 (COVID-19)

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 30 April 2023 have been extended until 31 May 2023
for prevention, control and treatment of Coronavirus Disease 2019 (COVID-19).

Source: The Global New Light of Myanmar

foreign trade

Myanmar foreign trade crosses US$1 bln as of 21 April

Myanmar’s trade with foreign trade partners increased to US$1.625 billion as of 21 April in the financial year 2023-2024 from $1.536 million recorded in the year-ago period, the Ministry of Commerce’s statistics showed.
Myanmar’s export was worth over $606.67 million whereas the country’s import was valued at $1.018 billion between 1 and 24 April. With border posts between Myanmar and China resuming, the border trade bounced back to $503.89 million, showing an increase of $210.3 million as against the year-ago period. Similarly, Myanmar’s seaborne trade amounted to over $1.1 billion in the FY2022-2023, indicating a sharp drop of $121.89 million from the year-ago period.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.
The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is focusing on reducing trade deficit, export promotion, import substitution and market diversification.
The external trade tremendously grew to US$33.9 billion last Financial Year 2022-2023 (April-March), according to the Ministry of Commerce. The figures surged from $30.35 billion in the corresponding period of FY 2021-2022. The external trade stood at $15.5 billion in the past mini-budget 2021-2022 (October-March) period and $29.58 billion in the 2020-2021 FY, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar