Over 230 licences for gemtrade set to expire in March 2024

MORE than 230 licences for gem trade are due to expire in March 2024, according to a notification from the Myanma Gems Enterprise.

Those entities holding gems and jewellery trading licences, manufacturing licences for finished gems and carvings and rough gemstone and finished products trading licences issued by the Myanma Gems Enterprise under the approval of the Ministry of Natural Resources and Environmental Conservation are required to proceed to the renewal process three months before the expiry date. They must renew them at least one month before the expiry.

Additionally, they can notify the Myanma Gems Enterprise of winding down a business with one month’s notice before ceasing the operation.

Licence renewal applications can be processed at the Myanma Gems Enterprise (Nay Pyi Taw), Gems Museum in Yangon and Mandalay Office, mining departments in Mogok, Lonkhin/Phakant, Mongshu and Myitkyina areas, in line with the rules and regulations.

Those businesspeople holding expired licences in 2020 and 2021 were urged to reinstate them with the relevant departments by 31 December 2023. Failure to renew the gem trading licence is bound to face revocation, as notified by the Myanma Gems Enterprise on 22 September 2023.

Soure: The Global New Light of Myanmar

Kyat depreciation exceeds K3,500 at over-thecounter market

KYAT weakened against the surging greenback at over K3,500 on 25 January at the over-the-counter market after easing around K3,450 for the past three weeks.

Meanwhile, the reference exchange rate of the Central Bank of Myanmar is K2,100.

On 5 December 2023, the Central Bank of Myanmar allowed authorized dealers (private banks) to operate forex exchanges freely as per the market rate determined by supply and demand market forces. Additionally, the CBM notified that outward remittance must comply with the rules and regulations of the Foreign Exchange Management Committee.

The US dollar hit a high of K4,000 in the grey market on 19 August 2023.

Under Section 9 of the Foreign Exchange Management Law, only those entities holding foreign exchange dealer licences are allowed to deal in foreign currency and traveller’s cheques. Those holding foreign currencies without valid licences and permits will face legal actions under the law, according to the CBM’s notification released on 21 August 2023.

Notification 7/2014 dated 30 September 2014 issued by the Central Bank of Myanmar affirmingly stated that under Paragraph 15 of the Foreign Exchange Management Law, domestic residents can keep US$10,000 in maximum or equivalent amount of foreign currencies for six months if those foreign currencies that have been unused for over six months have to be exchanged in local currency at the market price through the authorized dealers or deposited into bank accounts.

Those illegally holding foreign currencies are to face legal actions under the Foreign Exchange Management Law, the CBM warned again.

Source: The Global New Light of Myanmar