IT is necessary to control Coronavirus Disease 2019 (COVID-19) infection continuously. So it
is now announced that public requests, orders, notifications and directives (except for easing
restrictions) released by Union-Level Organizations and Union Ministries up to 31 March 2024
have been extended to 30 April 2024 for prevention, control and treatment on Coronavirus
Disease (COVID-19).
Source: The Global New Light of Myanmar
Economy
National Planning Law and Union Tax Law released
At the end of March, National Planning Law and Union Tax Law were released by the Government. The FY 2024-2025 National Planning Law promulgated on 29th March 2024, the country achieved GDP growth by 3.5% in 2024-24 FY and the growth target will be at 3.8% in FY 2024-25. GDP by composition, the service sector has been the highest composition with 43.5%, and followed Industry Sector by 33.4% and Agriculture Sector by 23.1%. It is targeted to grow 5% in Service Sector, 3.5% in Industry Sector and 1.9% in Agriculture in FY 2024-25. Tax rates on Special Goods Tax, Commercial Tax and Income Tax are merely as same as last year.
Gold price records hike up to K.4.4 million per tical
With spot gold price climbing over US$ 2,190 per ounce and kyat depreciation to over K 3,900 against the US dollar at end of March, domestic gold price persistently surged to K 4.4 million per tical (0.578 ounce or 0.016 kilogramme).
Banking and finance
Kyat depreciates to K 3,900 against US dollar and CBM interventions
Kyat weakened to K 3,900 against US dollar at end March at the over the counter market although The Central Bank of Myanmar (CBM) intervened in the currency market by selling dollar. CBM pumped US$ 18 million, 12 million yuan and 312 million Thai bahts in March. CBM reference exchange rate is still set K 2,100 to a UD dollar. CBM revoked the licenses of six money changers and suspended four money changers to six months as they failed to comply with rules, regulations and directives.
The Central Bank of Myanmar sells foreign currencies to importers via an Online Trading Platform. It allows private banks to sell foreign currencies for petty cash at their exchange counters for people who go abroad to undergo medical treatment, study, and work, aiming at stabilizing currency exchange rates and preventing price manipulation. The dollar transaction was K3,375 per dollar at the Online Trading Platform between the banks and importers/exporters, and the three private banks under the guidance of CBM are selling between US$300 and $500 at K3,100 per dollar as a special plan. CBM warned that some Facebook pages, groups, Apps and websites intentionally spread misinformation and false news and conduct Forex trading without possessing any work licences and action will be taken.
Trade
Implementation of MACCS for Cargo Clearance Processes at Tachilek Border on 22 March 2024
The Customs Department has extended the Myanmar Automated Cargo Clearance System (MACCS) to the Tachilek (Myanmar -Thai border) area on 22 March 2024. This system is currently operational in Yangon and the Myawady border trade. Although MACCS system was practiced in Muse and Chinshwehaw (Myanmar -China border) areas, all border trade activities are suspended in those areas.
Energy
Installation of 14MW solar power system planned for Thilawa SEZ
The Ministry of Electric Power (MoEP) has announced plans to install a solar power system with a capacity of up to 14 megawatts in the Thilawa Special Economic Zone (SEZ) in Thanlyin Township, Yangon Region. Currently, three plants within the Thilawa SEZ have already installed solar systems, generating approximately two megawatts of power. Covering an area of 667.275 hectares (approximately 1650 acres), Thilawa SEZ has attracted investment from 114 companies across 21 countries.
Workshop on Improved Cook Stove Distribution Monitoring held
“Project Monitoring and Evaluation Workshop” under “The Project of CCC Program of Activities for Distribution of Improved Cook Stoves in Developing South and Southeast Asian Countries (Myanmar)” co-organized by the Dry Zone Greening Department of the Ministry of Natural Resources and Environmental Conservation of Myanmar and the Climate Change Centre (CCC) of the Republic of Korea, at Thingaha Hotel in Nay Pyi Taw. During the six year project period in Sagaing, Mandalay and Magwe Regions, it is estimated to distribute 500,000 improved cook stoves, which can save 40 per cent of fuel wood, to 218,678 households in 1,109 villages in six districts. It has already distributed over 438,000 stoves to date and could help reduce over 485,000 tonnes of carbon emission.
COVID