Date: 27 July 2023 , Thursday
Time: 2:00 pm – 3:00 pm (Myanmar Time)
Place: Zoom Online
Website: Myanmar and English Language Program
Speaker: Dr. Tun Thura Thet (Board member of MIoD , CEO of MIT)
* Free Registration for Members
*MMK 30,000 for Non-members
Registration : trainingandevent@myanmariod.com
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
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
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
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
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
Under the guidance of the Yangon Region government, the Electronic Vehicles and Components Expo will be held on 12 May at the People’s Park, according to a coord meeting for organizing the EV expo with the companies.
The companies will exhibit EVs, charging stations and components at the event. The situations of EVs running in and out of Yangon will be presented as well.
Amid the global warming issues, natural disasters, air pollution and its impacts on the economy, the EVs will run in three big cities (Yangon, Nay Pyi Taw and Mandalay) as a pilot project to mitigate climate change and reduce carbon emissions.
The distributors of EVs and installers of EV charging stations; Chindwin Shan Co (CDS), Essential Motors Co Ltd (EM), Myanmar Brilliance Auto Co (MBA), Asia Pacific Automaker Corporation (AP AC), NPK Motors Co Ltd and Super Seven Star (SSS) will participate in the expo.
Source: The Global New Light of Myanmar
India-based Adani Business Group has sold a port and special economic zone project in Yangon for $30 million, according to Reuters.
Adani’s assets have been bought by a company called Solar Energy for $30 million, Reuters reported.
According to the statistics released in May 2021, the Adani group company invested US$127 million to establish the Yangon Port and Special Economic Zone in Myanmar, of which US$90 million was used for land.
According to a person close to the company, the investment of Adani company in Myanmar could be up to 195 million dollars, the news continued.
Reuters reports that Adani officials have yet to comment on the sale of multi-million dollar investments in Myanmar at a loss.
Adani Group announced in May last year that it would sell its investments in Myanmar as the United States imposed sanctions on Myanmar.
Source: Daily Eleven
In April, Myanmar’s industrial sector rose at the fastest rate on record and has grown for three consecutive months in more than three years, according to the S & P Global Myanmar Manufacturing PMI Index report for April 2023. The S&P Global Myanmar Manufacturing PMI was calculated based on responses to questionnaires sent to input procurement managers from a group of approximately 400 manufacturers.
“Abandoning the most sustained decline seen in the last three years, figures since February have signaled an upturn in Myanmar’s industrial sector, with working conditions improving every month. Also, the key PMI index hit a record high for two consecutive months in April, marking the first time in more than three years that it has been above 50.0 for three consecutive months. A surge in new orders has led companies to increase their production, according to survey respondents. Also, job openings rose for the first time in 10 months,” said Maryam Baluch, economist at S&P Global Market Intelligence.
The main S&P Global Myanmar Manufacturing PMI, the only composite index of manufacturing performance, recorded two consecutive months above the neutral 50.0 mark since February, climbing from 55.5 in March to 57.4. The situation of the manufacturing sector is centered on the demand from the shopping side, production, It boosted the number of purchases and jobs.
The rate of increase in industrial production and new business volumes accelerated in April. In fact, the latest gains were the fastest rates recorded since the survey began in December 2015. Looking ahead, optimism among manufacturers has historically been weak, but is one of the best on record in a year. Expectations of increased orders and production supported confidence. However, the majority of respondents (96 percent) expect manufacturing to remain unchanged over the next 12 months, according to the April 2023 S&P Global Myanmar Manufacturing PMI Index report.
Source: Daily Eleven
Currently, 17 international airlines fly 21 million flights at Yangon International Airport, and more international airlines are expected to fly soon.
“Currently, 1 foreign airline is flying 21 international flights. As a domestic airline, three airlines fly domestic flights. Soon, there will be more international airlines connecting with Yangon Airport,” said an official from Yangon International Airport. Last April 26, 2023, the Xiamen-Rangoon direct flight of Xiamen Airlines, a Chinese airline, returned to Yangon International Airport.
At 5:30 PM local time on April 26th, Xiamen Airlines flight number MF 8669/70, which arrived from Shaman City, People’s Republic of China with 152 passengers, was welcomed at Yangon Airport and souvenirs were given to the arriving passengers. Xiamen Airlines between Yangon and Xiamen every Monday; There will be direct flights three times a week, every Wednesday and Friday.
It is reported that Singapore Airlines has started flying the Singapore-Rangoon-Singapore route using the new Boeing 737-8 aircraft as a new upgrade. On March 26, 2023, Singpore Airlines launched a Singapore-Rangoon-Singapore flight using a new Boeing 737-8 aircraft, with 106 passengers arriving. The flight started with 150 departing passengers, and passengers from Singapore Airlines and Yangon International Airport were welcomed with souvenirs.
The new type of Boeing 737-8 aircraft has become part of the Singapore Airlines fleet. With the new aircraft type upgrades, a better and safer air travel experience will be provided to the passengers. Singapore-Rangoon-Singapore flight via Yangon International Airport, arrival time 09-20 minutes local time; It is reported that the departure time will be 10-20 minutes daily.
Myanmar National Airlines, a state-owned airline, will operate the Yangon-Singapore-Rangoon flight once a day starting from April 23, Sunday, It will fly twice a day on Tuesdays and Fridays. Myanmar National Airlines is $380 for Yangon-Singapore round trip. The Yangon-Bangkok trip starts at $89 and the Yangon-Chiang Mai trip starts at $160.
With the MNA Mobile Application of Myanmar National Airlines, you will be able to view flight information as well as easily make ticket purchases and payments. Passengers who have booked to buy Myanmar National Airlines flight tickets will be able to check by entering the ticket number at www.flymna.com before paying.
Source: Daily Eleven