Ministry of Electricity and Energy

by ENERGY

Request to Public

3rd Waxing of Kason 1383 ME

13 May 2021

  1. The Ministry of Electricity and Energy conducts power-generating services, supply and maintenance work daily to provide stable and reliable energy to the public. It keeps making efforts to offer the best services.
  2. In order to supply power to the public sufficiently, the electricity is generated from the state-owned power plants in addition to the privately-run power plants.
  3. The revenue from the electricity fees of people is used to generate stable and reliable electricity from the state owned power stations and purchase from the private power stations.
  4. Therefore, people should pay the power bills before the monthly fixed bill payment deadline. The payment can be made online or through mobile banking. According to the Electricity Law, there will be no power cuts for those who do not pay after the deadline.
    Ministry of Electricity and Energy

Source: The Global New Light of Myanmar

Some private banks, such as CB, AGD and Yoma, have increased their fixed deposit interest rates

by ECONOMY

Some private banks, such as CB, AGD and Yoma, have raised their fixed deposit interest rates. AGD Bank announces 9% interest rate for one month and 9.5% for three months. Fixed Deposit (for one and three months) has been increased from May 12, 2021. The interest rate has been increased by 9% for one month and 9.5% for three months. Customers can visit AGD branches to increase their money and keep it safe, the statement said. In addition, AGD Bank will change the token system to withdraw money. 

To make it easier to get tokens, branches will be able to make daily cash withdrawals from Monday to Friday. On the day of cash withdrawal at the branches, the amount of cash that can be withdrawn per person is limited to 300,000 kyats per week, while other banking services will be provided daily at the branches without the need for a token. CB Bank also sets interest rates for fixed deposits; 7.4% to 8.4% for one month; 7.4% to 7.9% for the three months; 7.65% to 8.15% for six months; For the nine months, 7.6 percent to 8.1 percent; 8.85% to 8.3% for one year; Increased from 8% to 8.5% for 24 months.

It can be deposited from Old A/C or New A/C or as a cash payment. If you want to withdraw money due to the need before the maturity of the fixed deposit, it will be calculated at the nearest fixed deposit interest rate so as not to offend the interest of the customers. In addition, the original fixed deposit at CB Bank will be adjusted at the current interest rate depending on the amount deposited in the new term upon maturity. Yoma Bank offers an interest rate of 7.5% for one and two months fixed deposit; 8.25% for three months; 8.35% for six months; 8.45% for nine months; The new interest rate will be effective from May 14, 2021.

Source: Daily Eleven

Domestic fuel prices have risen from more than 990 kyats to nearly 1,100 kyats per liter, with the average price of petrol rising by more than 33 percent in three months

by ENERGY

According to local petrol stations, the average price of petrol has risen by more than 33% in three months, from 990 kyats to nearly 1,100 kyats per liter depending on the type of petrol in the country. On February 3, the price of diesel was 660 kyats per liter. Premium diesel 600 kyats. Octane 92 Ron 620 kyats per liter; Octane 95 Ron is only 50 kyats per liter, according to figures released by the Myanmar Petroleum Importers and Distributors Association (MPTA). At present, on May 13, diesel costs 995 kyats per liter. Premium diesel 1015 kyats. Octane 92 Ron 995 kyats per liter. Octane 95 Ron per liter up to 1,080 kyats, according to local petrol stations.

In the first three months from the beginning of February until now, the price of diesel and premium diesel was over 330 kyats per liter. Octane 92Ron over 370 kyats per liter; Octane 95Ron rose to over 330 kyats per liter, respectively. According to the above prices, diesel prices rose more than 33% per liter during the three months. Octane 92Ron increased by more than 37% per liter and 95Ron octane by more than 30% per liter. Now people have to pay only 4,000 kyats for the four thousand kyats. They can go with six thousand. Now it costs about three liters to send it back. Not bad if you get your order back. The price cannot be increased. Passengers also have to wait in line to withdraw money, as money is now a problem. So it can’t be asked them to increase oil prices now as before. It is a problem for all drivers.

Myanmar imports around six million tonnes of kerosene a year, according to the Ministry of Commerce. In the first seven months of the current fiscal year, only 2.7 million tonnes of kerosene was imported worth $ 1.2 billion, down from more than one million tonnes in the same period last year, according to an official from the Ministry of Commerce. In the current fiscal year, imports of kerosene fell by 1,002 million tonnes, down $ 663.347 million from the same period last year. During that period, 1.66 million tonnes of diesel was imported, valued at $ 721.173 million. It is down more than 650,000 tonnes, down more than $ 430 million from the same period last year. More than one million tonnes of oil was imported, valued at $ 536.113 million. It was down more than 350,000 tonnes from the same period last year, valued at $ 227.18 billion.

Source: Daily Eleven

From May 13, the central bank will start selling dollars through some money changers

by ECONOMY

From May 13, the central bank will start selling dollars through some money changers, according to money changer operators. The central bank has set the US dollar price at 1,645 kyat per dollar through some money changers.

The central bank will sell dollars at some money changers, according to money changer operators. On May 12, the central bank sold $ 6 million at a foreign exchange auction, with the average exchange rate for the auction being 1,650.6 kyats.

Monthly sales from January to December 2020 were $ 39.5 million in January 2020; $ 31.5 million in February; $ 21 million in March; $ 16.7 million in May; 39.1 million in June; $ 31.1 million in July; $ 35.6 million in August; $ 44.2 million in September; $ 43 million in October; $ 100,000 in November; It bought $ 7.8 million in December and $ 2.7 million in April 2020. It was resold in December 2020 for $ 3 million. It bought $ 1.8 million in January 2021.

Source: Daily Eleven

textile

Yangon Region Investment Committee allows investment of Myanmar citizen, foreign investment

by INVESTMENT

The Yangon Region Investment Committee approved an investment of Myanmar citizen and a foreign investment which can create job opportunities for 635 local people. The committee held the 4/2021 meeting at its office in Yankin Township yesterday, attended by the committee chairman Yangon Region Administration Council Chairman U Hla Soe. The committee allowed K2,500 million investments for the production of quality rice and broken rice for export purpose and US$1.643 million foreign investment for the manufacturing of the garment industry through the CMP system. The chairman, members U Aung Than Oo, U Htay Aung and Secretary Director of the Directorate of Investment and Company Administration and the directors from Environmental Conservation and Myanmar Trade Promotion Organization discussed matters related to reports of three companies.

Source: The Global New Light of Myanmar

Dollar appreciates on record high against Kyat, rising above K1,700

by ECONOMY

The hard bullish currency has been gaining in the local forex market. A US dollar against Kyat reached the fresh high above K1,700 in history on 12 May, as per local money changer. On 2 February, a dollar value stood only at K1,335, and then, it dramatically rose to K1,720 on 12 May. The exchange rate between the US dollar and Myanmar Kyat showed a large gap of K380 over the past three months. In a bid to control the sharp daily gains of the US dollar, the Central Bank of Myanmar reportedly sold about 6.8 million dollars on 3 February, 6 million dollars each on 22 and 27 April in the auction market.

The currency intervention is required to steer the own currency value. It is one of the responsibilities of the CBM to control the price. That is why the CBM practised the foreign exchange intervention. The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-1,465 in February. It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April.

In 2020, the exchange rate moved in the range of K1,465- 1,493 in January, K1,436-1,465 in February, K1,320-1,445 in March, K1,395-1,440 in April, K1,406-1,426 in May, K1,385-1,412 in June, K1,367-1,410 in July, K1,335-1,390 in August, K1,310-1,355 in September, K1,282-1,315 in October, K1,303-1,330 in November and K1,324-1,403 in December. In 2019, the rates are pegged at K1,508-1,517 in July, K1,510-1,526 in August, K1,527-1,565 in September, K1,528-1,537 in October, K1,510-1,524 in November and K1,485-1,513 in December. On 20 September 2018, the dollar exchange rate hit an alltime high of K1,650 in the local currency market.

Source: The Global New Light of Myanmar

myanmar-industrial-port-yangon

Trade Department extends licence exemption deadline for 99 export-import items by 7 June

by TRADING

The Trade Department under the Ministry of Commerce extended the licence exemption deadline for 99 exports and imports until 7 June 2021, according to the MOC’s notification dated 4 May. The department has notified that exporters and importers do not require to seek licences for 37 HS code lines for exports and 62 lines for imports by 7 May 2021 to facilitate the trade.

Export items with licence exemption include onion, garlic, rice, broken rice, raw sugar, refined sugar, natural rubber and cotton. The exemption covers the following import goods; flour, soybean seed, palm oil, food commodity, cement, gasoline, diesel, pharmaceuticals, fertilizer and lubricant. Previously, a two per cent withholding tax on exports and imports was temporarily exempted in border trade, owing to the difficulties to pay tax amid the closure of private banks.

At present, the exempt status is revoked starting from 1 May. Next, the department cut the red tape for imports of CMP raw materials and some previously imported pharmaceuticals. However, tax cut and licence exemption tackle the trade slowdown amid the heightened border security measure triggered by the new wave of the coronavirus and the lack of money in circulation, an exporter shared his opinion.

Source: The Global New Light of Myanmar

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Rice prices spike up on local demand

by TRADING

The prices of rice and rice crops have modestly increased in the domestic market on the back of strong demand, traders from the Bayintnaung wholesale market said. Following the coronavirus resurgence in Myanmar, rice was highly demanded in the domestic market. The domestic retail market saw a rise of K700-3,000 per 108-pound bag in early May. At present, the rice prices moved in the range of K22,500 to K50,000 per bag depending on the quality and varieties, as per the Bayintnaung market. Similarly, rice crops fetched K506,000-K524,000 per 100-basket, with a remarkable rise of K20,000-33,000.

Additionally, Myanmar regained rice market shares from certain countries on account of its high quality. The price also increased, Myanmar Rice Federation stated. The export price of Myanmar’s rice is relatively lower than the rates of Thailand and Viet Nam. Yet, the prices are higher than those market prices of India and Pakistan, MRF’s data showed. Myanmar has shipped more than 720,000 tonnes of rice and broken rice to foreign countries over the Q1 (1 October and 15 January) of the current financial year 2020-2021, earning over US$275 million, Myanmar Rice Federation stated. The border trade handled over 308,000 rice tonnes, while maritime trade covered over 418,000 tonnes in Q1.

Myanmar generated over $800 million from rice exports in the previous FY2019-2020 ended 30 September, with an estimated volume of over 2.5 million tonnes. Last year, Myanmar shipped rice to 66 foreign markets. China is the main buyer of Myanmar rice, followed by the Philippines and Malaysia. Madagascar is the fourth-largest buyer, and Poland, the fifth-largest buyer of Myanmar rice. Meanwhile, Myanmar exported broken rice mostly to Belgium, followed by China, Senegal, Indonesia and the Netherlands. Broken rice was placed in 60 foreign markets. Myanmar shipped 3.6 million tonnes of rice in the FY2017-2018, which was an all-time record in rice exports. The export volume plunged to 2.3 million tonnes in the FY2018-2019.

Source: The Global New Light of Myanmar

Research work to be expanded for livestock and fisheries development

by ECONOMY

According to the Union Minister for Agriculture, Livestock and Irrigation, necessary research work will be expanded to develop the livestock and fisheries sector. Union Minister for Agriculture, Livestock and Irrigation U Tin Htut Oo met officials from the Talote Hla Fisheries Camp, Twantay Fisheries Institute and fisheries camp, and researchers from Maubin Township, Ayeyawady Region on 10 May. During the meeting, he said the people must be able to consume quality fresh fish to stand as the country rich in nutritious and healthy human resources. Excessive production of these products will benefit not only domestic consumption but also export promotion.

Research work will be expanded for the development of the livestock and fisheries sector. He added the importance of research work every sector. He urged the professionals to work together with interested universities and private institutions as soon as possible. Talote Hla Fisheries Camp, Twantay Fisheries Institute and fisheries camps in Maubin Township have been conducting researches on indigenous fish by dividing them into groups. Breeding is carried out in breeding ponds closest to natural waters. Researches are being done on the development of their reproductive organs according to their age and breeding. Efforts are being made to produce hatcheries for commercial breeding of Perch and silver-hued barb, which are popular in the local market.

In addition, these fisheries camps and the institute also produce pedigree fish species by natural and injection methods, assist GAqP techniques for good fish farming practices, and provide practical training to Zoology major students of Maubin University and private companies and local farmers. Afterwards, the Union Minister and party visited the Taguntine quality seeds farm near Kone Gyi village, Hinthada Township. They discussed the adequate use of quality seeds suitable for each region according to the season. He also met residents in Danubyu Township during the visit to the Tamyar river water pumping project. He cordially discussed the expansion of agro-based industries and regional development. During his visit to Kokkosu village in Maubin, the Union Minister and party inspected the implementation of the Green Rural Development Strategic plans for poverty alleviation, village-level leadership training and water purification system for village drinking water. 

Source: The Global New Light of Myanmar

According to the annual specific goods tax revenue, the amount of specific goods tax in 2019-2020 fiscal year was over 1,266 billion kyats, a decrease of over 162 billion kyats from the same period of last year

by ECONOMY

According to the annual specific goods tax revenue, in the 2019-2020 fiscal year, the special excise tax was over 1,266 billion kyats, but more than 162 billion kyats less than the same period last year, according to the Central Statistics Office. It received 1266912.42 million kyats from October to September of the 2019-2020 fiscal year; 1429120.75 million kyats from October to September of 2018-2019 fiscal year; 604924.24 million from April to September 2018. In the fiscal year 2017-2018, from April to March, 1240214.11 million kyats. From April to March of the 2016-2017 fiscal year, it received 994235.73 million kyats. According to Myanmar’s annual trade tax revenue, in the 2019-2020 fiscal year, it received more than 2,110,187 million kyats in trade tax, but decreased by more than 146,000 million kyats from the 2018-2019 fiscal year, according to the Central Statistics Office. Published by Information Unit

According to the annual commercial tax revenue, 1877851.77 million kyats from April to March of the 2016-2017 fiscal year; From April to March of the fiscal year 2017-2018, 1974699.13 million kyats. 920,618.14 million kyats from April to September 2018; 2256770.20 million kyats from October to September of 2018-2019 fiscal year. From October to September of the 2019-2020 fiscal year, Ks 2,110,187.21 million was received, according to the Internal Revenue Department. Published by Information Unit. In the 2019-2020 fiscal year (October 2019 to September 2020), a total of 7969.397 billion kyats is expected to be collected from various taxes. 2227.964 billion kyats from commercial tax; 1348.541 billion kyats from special excise tax; 85.407 billion from office tax and stamp duty; It is expected to receive up to 165 billion kyats from the Aung Bar Lay Thein Prize.

Myanmar’s annual tax revenue was Ks 1683 billion in the 2011-2012 fiscal year. 3373 billion kyats in the 2012-2013 financial year; 4459 billion in the 2013-2014 financial year; 6518 billion kyats in the 2014-2015 financial year; 6315 billion kyats in the 2015-2016 financial year; 7122 billion in the 2016-2017 financial year; 7423 billion kyats for the 2017-2018 fiscal year; Between April and September 2018, Ks. 2792 billion; In the 2018-2019 financial year, 7791 billion kyats was collected. The ratio of tax revenue to GDP was 3.63% in the 2011-2012 fiscal year. 6.5% in the 2012-2013 financial year; 7.69% in the 2013-2014 financial year; 9.84% in the 2014-2015 financial year; 8.61% in the 2015-2016 financial year; 8.93% in the 2016-2017 financial year; In the 2017-2018 financial year, 8.21%; Between April and September 2018, 8.49 percent; 7.3% in 2018-2019 fiscal year and 6.61% in fiscal year 2019-2020 (original estimate).

Source: Daily Eleven