Gold transactions still cannot be fixed on the CBM reference exchange rate: YGEA

by ECONOMY

Gold transactions still cannot be fixed on the Central Bank of Myanmar’s reference exchange rate amid the financial difficulty, said U Myo Myint, the Yangon Region Gold Entrepreneurs Association (YGEA) chair.
According to the provisions stipulated in Sections 11, 12 and 13 of the Foreign Exchange Management Law, the foreign exchange earned by locals in Myanmar must be deposited in accounts at the authorized dealers and exchanged for the local currency at the Central Bank of Myanmar’s reference rate of K1,850 per US dollar within one working day, according to the notification released on 3 April.

That is why the YGEA called for an urgent meeting on 8 April. The meeting determined to carry out gold transactions depending on the CBM’s reference exchange rate. However, it has not come into effect yet. “We have difficulty fixing the gold price on the CBM’S reference rate. The border market does not accept the set rate of K1,850. Nonetheless, the transaction is done with the exchange rate margin,” U Myo Myint was quoted as saying. On 23 April, officials from the department concerned, the YGEA and Mandalay Region Gold Entrepreneurs Association discussed gold price stability at the meeting. Gold transaction on the CBM’s reference rate, immediate payments, and avoiding price manipulation was discussed, he said.

Current market condition impedes transaction on the basis of the reference rate. Yet, it will be implemented later, he continued. The US dollar stands at K2,000 in the unofficial black market, while the CBM reference rate is K1,850. The gold price stands at US$1,903 per ounce in the global market. Meanwhile, 24-carat gold is worth K2,045,000 per tical (0.578 ounce or 0.016 kilogramme). The domestic gold price is highly correlated with the global gold price, YGEA stated. During the end of September 2021, a dollar value hit an all-time high of over K3,000 in the gold exchanges and consequently, the pure gold reached a record high of K2.22 million per tical in history.

Source: The Global New Light of Myanmar

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Rice exports through border show big slump in past mini-budget period

by TRADING

According to the Myanmar Rice Federation, rice and broken rice exports through border trade channels drastically plummeted. Myanmar delivered more than 1.4 million metric tons of rice and broken rice in the past mini-budget period (October 2021-March 2022). Maritime trade performed the best with an export volume of over 1.3 million tonnes, while only 76,000 tonnes were sent to neighbouring countries via border.

Due to the virus strict policy, China restricted Myanmar trucks and drivers from entering its side through the Muse land border. Only Chinese short-haul service is available now to transport Myanmar goods to China through the Kyinsankyawt post. As a result, the cost of Chinese short-haul trucking tremendously rose to K10 million per truck, whereas the trucking was worth only K700,000-K800,000 when Myanmar truckers were allowed to enter China, rice traders stressed.

About 10,000 bags of rice and broken rice are daily delivered to China via the Muse cross-border post, whereas earlier, the export volume to China was approximately 60,000 bags per day. Consequently, exports of only 76,000 tonnes were seen in border trade in the past mini-budget period. China shut down all the checkpoints linking to the Muse border amidst the COVID-19 pandemic. Of the checkpoints, Kyinsankyawt has resumed trading activities from 26 November on a trial run.

Myanmar daily delivers rubber, various beans and pulses, dried plum, watermelon, muskmelon, pumpkin and other food commodities to China through the Kyinsankyawt border. Myanmar exported rice to 13 foreign markets, mainly to Ivory Coast with over 400,000 tonnes, followed by China with 220,000 tonnes and the Philippines with over 130,000 tonnes. Similarly, Myanmar shipped broken rice to 10 countries, primarily to China with 210,000 tonnes, followed by the Netherlands 160,000 tonnes and Belgium 79,000 tonnes. Myanmar exported two million tonnes of rice worth US$700 million to the foreign trade partners in the 2020-2021 Financial Year. 

Source: Global New Light of Myanmar

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To pay the Yuan in cross-border trade between the two countries as a first step, then continue to work on imports and exports

by TRADING

The first step is to pay the yuan in cross-border trade between the two countries. Union Minister Aung Naing Oo said he would continue to work on imports and exports. The first step is to use the Chinese currency RMB in border trade between the two countries. Chinese Investment It will be used for import and export business. 

Agricultural products are exported from Myanmar and imported from China. Myanmar has a manpower and China has technology and financial capital. The two countries will enjoy the benefits of cooperation. Therefore, Sino-Myanmar cooperation is very important. China will play an important role in strengthening future Asian economies, including Myanmar and ASEAN. Aung Naing Oo said that China is buying most of the exports of ASEAN raw materials and finished goods.

“I want to know the impact of Western sanctions on the Burmese economy,” he said. It only affects private entrepreneurs. The inability to use the US dollar easily; Unable to transfer money Difficulties for Myanmar businessmen; As a result of the sanctions, some factories have closed; The closure has resulted in the loss of job opportunities for Myanmar citizens. Nothing happened to the government. The government has already made the necessary arrangements. Aung Naing Oo added that the sanctions have improved Myanmar’s economic cooperation with neighboring countries.

Source: Daily Eleven

The $ 2.5 billion Irrawaddy Region Mee Lin Chaing project includes an LNG power plant and a gas pipeline to Myanmar will be included in the list of early projects on the China-Myanmar Economic Corridor

by ENERGY

The $ 2.5 billion Irrawaddy Region Mee Lin Chaing project, which will include an LNG power plant and a gas pipeline to Rangoon, will be included in the list of early projects on the China-Myanmar Economic Corridor, according to the statement. Three Chinese companies: Union Resources and Engineering Company (41%); Yunnan Energy Investment (39%) and Zhefu Holding Group (1%) have partnered with Myanmar’s Supreme Group (19%) to launch a 1,390-megawatt LNG project.

The plant in Ayeyarwady Region includes an LNG power plant; LNG storage; These include high voltage transmission lines and gas pipelines to Yangon. The project has been approved by the Myanmar Investment Commission and is expected to be commercially operational by 2027. In addition, the Myanmar government will propose to include the priority energy project, which has an estimated investment of $ 2.5 billion, to accelerate its growth, as part of the Sino-Burmese Economic Corridor’s initial plans.

CNPC’s China-Myanmar oil and gas pipeline project is CNPC’s largest investment in Myanmar and a key focus of the Silk Road project. Acceleration of some gas-fired power plants (gas-fired) and other gas-fired power plants or waste-to-energy projects for immediate 30 megawatts of electricity; At present, Kyaukphyu generates about 100 megawatts of electricity using 20 million cubic feet of natural gas. 

Once the pipeline is maintained, it will expand to 30 million cubic feet per day and generate 195 megawatts. Despite sanctions, Myanmar is simultaneously working on repairing damaged power lines and developing hydropower and renewable energy as it seeks to increase foreign investment. Recent media coverage of energy shortages in Myanmar; Union Minister for Information Maung Maung Ohn and Union Minister for Investment and Foreign Trade Aung Naing Oo issued a joint statement in response to recent media reports on the departure of foreign energy companies and sanctions on Myanmar.

Source: Daily Eleven

Exemption from the dollar to the kyat can be lifted depending on the stability of the kyat exchange rate

by ECONOMY

Exemption from dollar to kyat exchange rate is Myanmar kyat exchange rate sanctions may be lifted depending on the situation, said Aung Naing Oo, Union Minister for Ministry of Investment and Foreign Trade. He also said the straits as to whether the announcement is a period of time or will it continue forever is depends on the situation regarding the Times’ question, the exemption is granted by a government-appointed committee according to the Central Bank of Myanmar, and also said the ban could be lifted depending on the volatility of the Myanmar Kyat Exchange rate.

The Myanmar Investment Commission has also decided to exempt foreign investment businesses from the Central Bank Declaration. Foreign embassies, INGOS and NGOs are also exempt. They are aware that there may be some adverse effects from this announcement, so we are conducting daily studies and working to find the best solution. “It’s a time of change, so we are trying to be the best for all involved,” he said. The exemption includes new foreign investors and existing investors.

Foreign earnings from seven organizations, including MIC-licensed FDIs, SEZ investments, and state-owned / national international airlines. On April 20, the Central Bank of Myanmar announced that it would be exempt from currency trading. The exemptions mentioned in the statement include foreign direct investment (FDI) activities under the auspices of the Myanmar Investment Commission (MIC), operating in special economic zones.
Includes ongoing investments.

Established an embassy with Myanmar and an embassy in Myanmar Overseas diplomats, family members and similar level diplomats. These include Myanmar nationals holding UNis Laissez Passer travel passports working for the United Nations and its affiliates in Myanmar. This includes foreign agencies, development agencies that are assisting foreigners in Myanmar. International organizations (eg. Red Cross, International and foreign diplomats from INGOs and Development Agencies (eg TICA / JICA). Seven individuals, businesses and organizations have been exempted, including state-owned / national-owned international airlines.

Source: Daily Eleven

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MIC decides not to include one year and eight months, from May 2020 to the end of December 2021, as investment construction or preparation period

by INVESTMENT

The Myanmar Investment Commission (MIC) has decided not to count one year and eight months from May 1, 2020 to December 31, 2021 as investment construction or investment preparation period, the MIC said in a statement. Investors operating with the approval / approval of the Myanmar Investment Commission and the Region / State Investment Committee have applied to extend the construction period due to delays in construction or investment preparation due to the Covid-19 epidemic.

The 1st meeting of the Myanmar Investment Commission (1/2022) held on 14 January 2022 decided not to include one year and eight months from May 1, 2020 to December 31, 2021 as of May 1, 2020, in order to compensate for the investment activities that were actually affected by the Covid-19 plague. Therefore, the MIC has stated that it does not need to apply for a permit to extend the construction period if the work is underway with the approval / approval of the Myanmar Investment Commission and the Region / State Investment Committee. According to the Directorate of Investment and Company Administration, Singapore was the largest source of foreign investment in Myanmar in the first six months, with more than $ 297 million.

In the first six months of the 2021-2022 fiscal year (Mini Budget), the national investment in Singapore was $ 297.349 million, including increased investment. $ 142.137 million from China, including increased investment; Taipei: $ 8.641 million, including increased investment; France $ 0.497 million; Hong Kong provided $ 109.140 million, including increased investment; India $ 0.550 million; $ 5.1 million from Indonesia; $ 4.530 million, including increased investment from Japan; Malaysia raised $ 0.3112 billion, including increased investment; RO K: $ 62.693 million, including increased investment; Samoa has pledged $ 2 million, including increased investment. Seychelles: $ 1.343 million; $ 7 million, including increased investment from Thailand; $ 4 million from the Netherlands, including increased investment; The U.K. raised $ 0.335 billion, including increased investment, Nepal received $ 1.5 million.

Source: Daily Eleven

epa07799064 A general view shows trucks loaded containers at Asia World shipping container terminal in Yangon, Myanmar, 28 August 2019. According to figure by Myanmar Ministry of Commerce, Myanmar's total trade with foreign countries reached over 30.593 billion USD as of 16 August 2019 in present fiscal year (from 01 October 2018 to 31 September 2019), of which the export reached 14.69 billion USD while the import was 15.903 billion USD. In 2017-2018 October to September fiscal year, the total trade was 35.895 billion USD and the trade balance had a deficit of 3 billion USD. The most important exports in Myanmar are manufactured products whereas the non-electric machinery and transport equipment are the major products of imports. EPA-EFE/LYNN BO BO

From May 1, 1131 product lines including yeast, general food, pet food, soap, raw materials, and general chemicals, will be considered as goods lines needed for import application

by TRADING

From May 1, 1131 product lines including yeast, general food, pet food, soap, raw materials, and general chemicals, will be considered as goods lines needed for import application according to the Customs Department. According to a press release issued by the Ministry of Commerce (5/2022) on yeast, general food, pet food, dyes, soap, raw materials, paints, general chemicals; Leather raw materials; Nylon All kinds of ropes; A total of 1,131 product lines, including machinery and equipment, have been declared as third-tier goods lines for import application.

With the HS Code 10 Digit, 1,131 product lines have been changed in the MACCS system. According to the Import / Export Newsletter (5/2022), 1131 HS lines required to apply for import licenses, pre-import declarations submitted before May 1, will be effective. In order to regulate some imported goods under the import license system, some commodity lines have been declared as import lines that need to apply for import licenses. Newsletter on Import and Export 826 and 141 (18/2021); (1/2022) and (2/2022) respectively.

Now the third step is yeast. General food Pet food Dyes Soap raw materials Lightening oil; General chemicals; Leather raw materials; Nylon All kinds of ropes; Machinery and equipment; Electric motor; According to the 2017 Customs Tariff of Myanmar, which covers products such as generators, electronics and its accessories, 536 lines with HS Code 10 Digit or 1131 lines with HS Code 10 Digit have been added as import lines from May 1, 2022.

Therefore, according to the Notification No. 68/2020 issued on 22.10.2020, it is necessary to apply for the import license with HS Code 10 Digit. HS Code 10 Digit issued by Newsletter (18/2021) with 3070 product lines; Attach 826 product lines with HS Code 10 Digit issued by Newsletter (1/2022) and 141 product lines with HS Code 10 Digit issued by Newsletter (2/2022). The goods specified in the S Code are the goods lines that need to apply for an import license, and any of the goods lines that need to apply for a license under paragraph (2) above can be imported from overseas seas. Importing from air and border trade routes will be allowed from May 1, 2022 only after applying for an import license in accordance with the procedures.

Source: Daily Eleven

Foreigners enter Yangon Int’l Airport as services return to normality

by HOTEL & TOURISM

Yangon International Airport was reopened to international travellers and businesses on 17 April after a two-year closure due to COVID-19. The first flight of SQ-761 from Singapore landed at the airport at 9 am on the reopening day. Arrivals from Malaysia and Bangkok were followed, and officials welcomed them. On 17 April, 688 departures and 393 arrivals from Yangon International Airport. The service was provided by MAI and MNA airlines. The first flight was launched on 18 April by passengers from Dubai, Singapore, Bangkok, and Malaysia, and a total of 517 passengers have arrived on five airlines. On 19 April, the Bangkok-Yangon flight MAI-336 landed first with 32 passengers, followed by the UB-026 Kuala Lumpur-Yangon flight with 106 passengers.

Two hundred eighty-eight passengers arrived at the airport via five airlines from China (Guangzhou), South Korea (Incheon), Singapore, Malaysia, and Thailand on the same day. In the evening, Guangzhou, Incheon, and Bangkok tourists continued to arrive. “Yangon International Airport caters to all needs of travellers. Everyone is happy about the reopening of Myanmar’s best airport,” said a Yangon Aerodrome Company (YACL) official at the Yangon International Airport. “And the country’s development is only through these airports, which are the country’s gateways. The tourism industry also needs to make it more attractive for tourists. “If we work harder to revitalize the tourism sector, we will be able to surpass the previous tourist arrivals as tourists love our country’s natural beauty,” he added.

Upon arrival at Yangon International Airport, passengers are required to go to the airport health counter and show the necessary COVID-19 virus-free PCR test and immunization certificate. Once the documents have been verified, passengers can go through the immigration process and pick up their luggage. After departure from the arrival area, passengers can obtain the information on the entrance to the Health Counter Quarantine arranged by the Ministry of Hotels and Tourism. The quarantine will be provided with check-in and checkout transportation arrangements, and foreign travellers on commercial flights will be able to enter the hotel with a one-day quarantine.

Source: The Global New Light of Myanmar

The Ministry said run out of petrol cannot be happened having about 45 million gallons of petrol and 70 million gallons of diesel including Thilawa reservoirs

by ENERGY

About 45 million gallons of petrol and 70 million gallons of diesel are left in the country, including at Thilawa reservoirs, so running out of petrol cannot be happened said the Ministry of Electricity and Energy. On April 19, People Media and MHT News responded to a question from the Ministry of Electricity and Energy on the Viber Group of the State Governing Council Information Team on the news of the fuel leak. Rumors have been circulating on social media that fuel stocks are running low at Thilawa oil depots. 

Today, about 45 million gallons of petrol and 70 million gallons of diesel are left in the country, including at the Thilawa reservoirs, according to the Petroleum Products Inspection Department. At present, there are two vessels that have not yet refueled due to the Thingyan holiday, so there will be no shortage of domestic fuel, according to the Petroleum Products Inspection Department. It has also been circulating on social media that it is not being imported from China to Sri Lanka through intermediaries. Malaysia and Korea are the main importers. 

According to the Petroleum Inspection Department, no shops were closed except for those that were being repaired with the permission of the department. The department also has the relevant committee, Ministries of Commerce; The Petroleum Importers and Distributors Association (MPTA) is cooperating with the Petroleum Importers and Distributors Association (MPTA) and will soon return to normal, and it will be announced soon that petrol stations will resume normal sales, according to the Petroleum Products Inspection Department. The Department of Petroleum Products Inspection said that the department is issuing reference prices on a daily basis and is monitoring the public to buy and use them at reasonable prices in a fair and free and fair market.

Source: Daily Eleven

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Republic of the Union of Myanmar
Ministry of Health

by COVID

Order No 83/2022

14th Waxing of Tagu 1383 ME
14 April 2022

The Ministry of Health has issued this order by exercising its authority under Sub-section (b) of Section 21 of the Prevention and Control of Communicable Diseases Law.

  1. The Ministry of Health issued an order 56/2022 on 15-3-2022 to allow the gathering of up to 400 people starting 16-3-2022, exclusive of the exceptional cases to prevent the spread of the COVID-19 disease.
  2. Currently, as the COVID-19 positivity rate, infection rate and mortality rate have dropped significantly, the ban on mass gatherings will be revoked starting at 00:00 hour on 17-4-2022 (Myanmar New Year Day).
  3. The people need to continuously follow the orders and directives issued by the Ministry of Health. Failure to comply with the orders and directives will result in legal action under the existing laws.

Dr Thet Khaing Win
Union Minister

Source: The Global New Light of Myanmar