Construction begins on bran oil, cooking oil production plant

The construction project for the bran oil and cooking oil production plant has started, according to the Myanmar Rice Federation (MRF).
Under the guidance of MRF, Myanmar Rice Bran Oil Co Ltd (MRBO) held the groundbreaking ceremony of the construction project at MAPCO rice mill complex located in Pyinmana Township, Nay Pyi Taw, on 7 February.
Construction plans of the solvent extraction plant for rice bran oil and cooking oil production were revealed at the ceremony in the presence of the Union ministers for Agriculture, Livestock and Irrigation, for Cooperatives and Rural Development, for Industry and for Commerce and the Nay Pyi Taw Council chairman.
That plant aims to produce 9,000 tonnes of bran crude oil and 6,300 tonnes of edible oil annually. It will become the first-ever refinery for edible oil.
The federation will accelerate bran oil and cooking oil production plans. 

Source: The Global New Light of Myanmar

CBM authorizes banking agents for expanded financial services

The Central Bank of Myanmar (CBM) has announced its decision to permit the operation of banking agents, who will conduct banking transactions on behalf of banks.
This initiative aims to extend financial services to people in remote, unbanked, and underserved areas, promoting inclusivity within the economic system.
Banking agents are business entities that have entered into representative contracts with authorized banks to facilitate banking services, following regulations set by the CBM.
These authorized banking agents will collaborate with the digital banking sector overseen by the CBM and will be required to pay a service charge of K200,000 to the CBM upon appointment.
Potential banking agents applying for this role must provide details such as the proposed agent’s name, location, address, and contact numbers, along with evidence of past business experience from the two years preceding the application. Additionally, they must submit a draft of the agreement between the authorized bank and the agent, complying with existing laws.
CBM will notify successful applicants within three months of receiving complete application documents. Incomplete applications will be replied with requirements to the respective bank within the same timeframe.
Banking agents will be authorized to conduct various transactions, including cash deposits and withdrawals, bill payments, loan collections, remittances, and checking account balances, as per the agreements between the bank and the banking agent.
Banks must submit a single application to the CBM for all proposed banking agents. If a bank wishes to expand the number of banking agents, it must apply for permits every quarter typically in March, June, September, and December.

Source: The Global New Light of Myanmar

Over 10,000 villages gain electricity access in 8 years via small-scale power projects, home solar systems

According to data released by the Ministry of Cooperatives and Rural Development, 500,000 houses in more than 10,000 villages have gained access to electricity over the past eight financial years, mainly through small-scale power generation projects and home solar panel systems.
Breaking down the figures, between the financial years 2016-17 and 2023-24, approximately 2.5 million people residing in these 500,000 houses across more than 10,000 villages have been provided with electricity through small-scale power generation projects and home solar panel systems.
The areas covered by these projects include regions situated at least 10 miles away from the national grid and designated locations earmarked for electricity supply, particularly in Taninthayi Region, Ayeyawady Region, Shan State, and Rakhine State.
The report indicates that the Department of Rural Development has applied two systems since the 2016-17 financial year to electrify villages under the National Electrification Plan. Villages with fewer houses have been equipped with solar panel systems for home use, while those with more houses and higher electricity demands have been supplied with renewable solar energy.
Furthermore, the department aims to extend nationwide electricity access to all villages by utilizing renewable energy resources by 2030.

Source: The Global New Light of Myanmar

Surge in tourist numbers at Taungthaman Lake underscores emerging tourism trend

According to U Soe Win, secretary of the U Bein Bridge maintenance team, approximately 2,000 domestic and foreign travellers visit Taungthaman Lake and U Bein Bridge daily, with around 150 boats operating each day.

The report highlights Taungthaman as a popular destination for both domestic and foreign travellers, experiencing a surge in visitors starting from 1 February 2024.
“Since February began, we’ve seen a significant increase in visitors to Taungthaman Lake. In January, we had around 150 visitors per day, but this number has now risen to 2,000 daily. Many visitors come specifically to witness the sunset over Taungthaman Lake. Approximately 150 boats are available for visitors’ use to accommodate the growing numbers.

Domestic travellers from Mandalay, PyinOoLwin, Taunggyi, and Yangon, and international tourists from Thailand, Viet Nam, and South Korea are among the most frequent U Bein Bridge and Taungthaman Lake visitors. 

Source: The Global New Light of Myanmar

CBM sells US$11M, 200M Thai baht into financial market on 5 Feb

The Central Bank of Myanmar (CBM) injected US$11 million and 200 million Thai baht into the financial market on 5 February 2024.
The CBM sold $13 million on 1 February in the forex market and five million dollars and 50 million Thai baht on an online trading platform for the exporters/importers on 2 February, totalling $29 million and 250 million Thai baht within five days.
The reference exchange rate set by the CBM is K2,100 against a US dollar, while it was valued at approximately K3,500 at the over-the-counter market. The exchange rates are K99 per Thai baht and K490 per Chinese yuan.
The CBM sold $68.33 million, 313.5 million Thai baht and 4.2 million Chinese yuan in January 2024. It also injected $22.15 million into the fuel oil sector in December 2023.
The CBM allowed authorized dealers (private banks) to operate online forex trading freely as per the market rate, depending on supply and demand.
Additionally, the outward remittance procedures must comply with the rules and regulations specified by the Foreign Exchange Supervisory Committee.

Source: The Global New Light of Myanmar

15th VIFA Expo2024 invites Myanmar business people

THE 15th VIFA Expo 2024, which will take place in Ho Chi Minh City, Viet Nam, from 26 to 29 February,
invites Myanmar businesspeople to showcase a vast range of furniture, handicrafts and home accessories, according to the Myanmar Trade Promotion Organization. This fair aims to provide a platform to discuss the industry trends between Myanmar buyers and Vietnamese businesspersons and explore business opportunities.

The opening ceremony of the fair will be held on 26 February. Participants can go on on-site tours to Ben Tre province, the heart of the coconut production industry, on 27 and 28 February, including meeting province officials. Those enthusiasts is can send their profiles to the Myanmar Trade Promotion Organization through 067 3408622 and email event.td.myantrade@gmail.com.

Source: The Global New Light of Myanmar

Myanmar-Thailand border trade reaches over US$45 mln in January

Myanmar’s border trade with neighbouring Thailand amounted to US$45.20 million — $10.452 million in exports and $34.768 million in imports — through the Myawady border between 1 and 28 January.

Myanmar exported peanuts, onion, dried chilli, and fresh chilli to Thailand while it imported raw plastic materials, motorbike parts, automobile parts, electrical goods, construction materials, detergents, foodstuffs, and machinery spare parts.

Furthermore, product inspections for perishable aquatic products and green items like onions and chillies at the border checkpoint are prioritized to facilitate and expedite exports.

Source: The Global New Light of Myanmar

Electric vehicles arrive at Yangon Port

China-made Honda ENS1 EVs, Dayun Yuehu S1 (VIP Edition) EVs, BYD D1 EVs, DFSK Seres-5 EVs and Faw Toyota bZ4X EVs, imported with the approval of the Steering Committee on National-Level Development of Electric Vehicles and Related Industries, arrived at Yangon Port. Golden Octopus Co Ltd, Amazing Auto Co Ltd, Earth Renewable Energy Co Ltd, Yaung Ni Oo Automobile Co Ltd and Dongfeng Motor Corporation Ltd imported these electric cars. They were claimed by the importers following the required procedures yesterday. 

Source: The Global New Light of Myanmar

CBM records sales of US$68.33M, 313.5 mln Thai Baht, and 4.2M RMB in Jan

The Central Bank of Myanmar (CBM) made a record amount of liquidity injection into the financial market in January 2024, with US$68.33 million, 313.5 million Thai baht, and 4.2 million Chinese yuan.
CBM sold $12.93 million on 1 January, $16 million on 5 January, 15 million on 15 January, 50 million baht on 19 January, nine million dollars and 200 million baht on 25 January, five million dollars and 50 million baht on 26 January, nine million dollars in the first time, $1.4 million in the second time, 13.5 million baht and 4.2 million yuan on 29 January.
CBM injected $1.4 million, 13.5 million baht and 4.2 million yuan into the consumer, pharmaceutical, power, agriculture and telecommunication sectors.
Additionally, CBM pumped $22.15 million into the fuel oil sector last year, selling $9.72 million on 18 December and $12.43 million on 21 December for fuel oil importing companies.
Nonetheless, CBM disclosed the exchange rate for those transactions. CBM currently set the reference exchange rate at K2,100, while the Kyat against the greenback weakened to K3,550 at the over-the-counter market. Meanwhile, the exchange rate is estimated at K101 per baht and K496 per yuan in the unauthorized forex market.
CBM liberalized forex trading for authorized dealers (private banks) as per the market rate determined by the supply and demand market forces on 5 December 2023.
Moreover, CBM notified that outward remittance must follow the rules and regulations of the Foreign Exchange Management Committee.

Source: The Global New Light of Myanmar

Myanmar-made peanut shellers, corn harvesters gain popularity among farmers

Thanks to locally made peanut shelling machines and corn combine harvester, the farmers can now save time, and the number of users is increasing, according to the Nan Ko Ko Peanut Sheller and Corn Harvester Manufacturing.
These machines are made of iron frame and powered by 22 horsepower engines.
“Farmers can save time. They are fast. After threshing and shelling with this machine, seeds can grow again. When the ears of corn are inserted, kernels are produced. And if you put in peanut pods, you get peanut kernels. These machines are being sold well in the market. The number of users has increased,” an official said.
When a peanut sheller runs for one hour, it produces 30 baskets of kernels while a corn combine harvester produces 70 baskets of corn kernels. Since these are time- and labour-saving agricultural machines, many farmers have chosen to use them. A corn combined harvester costs K4.5 million and a peanut sheller K7.5 million

Source: The Global New Light of Myanmar