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Announcement on Extension of Precautionary Restriction Measures Relating to Control of COVID-19 Pandemic until 31 December 2021

by COVID
  1. With a view to the further strengthening of measures to contain the spread of the COVID-19 pandemic, the Ministry of Foreign Affairs of the Republic of the Union of Myanmar has issued the following announcements regarding temporary entry restrictions for visitors from all countries. All those restrictions were extended until 30 November 2021 by the Ministry’s announcement dated 1 November 2021.
    (a) Announcement dated 15 March 2020 regarding precautionary measures for all travellers visiting Myanmar;
    (b) Announcement dated 20 March 2020 regarding additional precautionary measures for travellers visiting Myanmar and temporary suspension of issuance of visa on Arrival and e-visa;
    (c) Announcement dated 24 March 2020 regarding additional precautionary measures for travellers from all countries visiting Myanmar;
    (d) Announcement dated 28 March 2020 regarding temporary suspension of all types of visas (including social visit visas) and visa exemption services.
  2. In order to continue its effective response measures to protect the population of the country from the risks of importation and spread of the COVID-19, the Government of the Republic of the Union of Myanmar has decided to extend the afore-mentioned entry restriction measures until 31 December 2021.
  3. In case of urgent official missions or compelling reasons, foreign nationals, including diplomats and United Nations officials, who wish to travel to Myanmar by available relief or special flights, may contact the nearest Myanmar Mission for possible exception with regard to certain visa restrictions. However, all visitors must abide by existing directives issued by the Ministry of Health relating to the prevention and control of the COVID-19 pandemic.

Ministry of Foreign Affairs
Nay Pyi Taw
Dated. 30 November 2021

Source: The Global New Light of Myanmar

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Announcement of Central Committee on Prevention, Control and Treatment of Coronavirus Disease 2019 (COVID-19)

by COVID

12th Waning of Tazaungmon 1383 ME
30 November 2021

As it is necessary to continuously control the 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 November 2021 have been extended until 31 December 2021 for the prevention, control and treatment of the Coronavirus Disease 2019 (COVID-19).

Source: The Global New Light of Myanmar

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International flight restrictions extended until 31 December

by COVID

The Ministry of Health has issued a directive on the temporary restriction of international commercial passenger flights to Myanmar since it is crucial to control the spread of the COVID-19 pandemic in Myanmar. With the permission of the Central Committee on Prevention, Control and Treatment of the Coronavirus Disease 2019 (COVID-19), “Temporary Measures to Importation of COVID-19 to Myanmar through Air Travel” was revised as “Temporary Measures to Prevent Importation of COVID-19 to Myanmar through Air Travel Issue-2” on 31-12-2020 as of 23:59 hours of Myanmar Standard Time on 30 November 2021. Until now, the prevalence of the COVID-19 epidemic has risen in most parts of the world. With the permission of the Central Committee on Prevention, Control and Treatment of the Coronavirus Disease 2019 (COVID-19), the effective period of the above directive has been extended to 23:59 hours of Myanmar Standard Time on 31 December 2021 to further prevent the risk of COVID-19 transmission via international flight passengers into Myanmar.

Ministry of Transport and Communications

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CBM sells US$31 million in November

by ECONOMY

The Central Bank of Myanmar (CBM) sold US$31 million at its FX auction rate in November to steer the local currency value, according to the auction result issued by the CBM on 30 November. The CBM sold the foreign currency to the prioritized sectors (palm oil, fuel oil and pharmaceuticals) at an auction rate through the authorized banks. The CBM sold the US dollars at the set rate to the banks with the authorized dealer licence where the companies screened by the National Trade Facilitation Committee opened an account. In October, the CBM sold a large amount of $110 million to the authorized dealers to stabilize the currency.

In September, the CBM sold 63 million dollars to the private banks to increase the local currency value. Last September-end, a dollar value reached the highest of over K3,000 in history. The exchange rate on the US dollar hit around K1,800 in the local forex market at present, as per money exchangers. In August, the CBM reportedly sold $28 million at its auction rate. Kyat is weakening in the local forex market. In a bid to control the dollar gain against Kyat, the CBM sold about 6.8 million dollars on 3 February 2021, $12 million in April, $24 million in May, $12 million in June and $39 million in July in the auction market, respectively.

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. The rate fluctuated between K1,585 and K1,730 in May and it moved to the maximum of K1,595-1,620 in June. The rate stood at K1,626-1,670 in July. It hit the lowest of K1,660 and the highest of K1,682 in August. In September, the rate edged up to K3,200 and fell to K1,696.

Source: The Global New Light of Myanmar

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Myanmar targets 2 mln tonnes of corn export for 2021-2022 season

by TRADING

Myanmar has planned to deliver two million tonnes of corn to the external market in the current 2021-2022 corn season, U Min Khaing, chair of Myanmar Corn Industrial Association said. At present, Myanmar’s corn is exported to China via border posts and they are also conveyed to the Philippines, India, Viet Nam, Laos and Singapore. The corn price remains on the high side compared to the rates recorded in the previous years, U Min Khaing continued. The prevailing prices of corn move in the range of K690-K710 per viss (a viss equals 1.6 kilogrammes), whereas the FOB price is approximately US$240-260 per tonne.

Approximately 2.3 million corns were shipped to the foreign trade partners in the past 2020-2021 (Oct-Sept) financial year, Myanmar Corn Industrial Association stated. Of them, the majority of them went to Thailand and the remaining was also sent to China, India and Viet Nam. Thailand gives green light to corn imports through Mae Sot under zero tariff (with Form-D), between 1 February and 31 August. Thailand has granted tax exemption on corn imports between February and August.

However, Thailand imposed a maximum tax rate of 73 per cent on corn import to protect the rights of their growers if the corn is imported during the corn season of Thailand. During the FY 2019-2020 ended 30 September, the country exported 2.2 million tonnes of corns to the external market, with an estimated value of $360 million, the Ministry of Commerce’s data showed. Myanmar is the second- largest exporter of corn among regional countries. At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. Myanmar has three corn seasons. The country yearly produces 2.5-3 million tonnes of corn.

Source: The Global New Light of Myanmar

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US dollar against Kyat rises over K1,800 per dollar

by ECONOMY

The US dollar exchange rate against Myanmar Kyat has risen above K1,800 per dollar in the local currency market, it is learnt. The exchange rate on the US dollar dropped to K1,783 per dollar because the Central Bank of Myanmar (CBM) issued the instruction on 9 November that the foreign exchange transitions must be carried out within ± 0.5 per cent of the reference rate established by the CBM. On 27 November, the exchange rate for US currency has reached K1,802.

The dollar exchange rate against Myanmar Kyat stood at around K1,330 per dollar at the end-January. Then, the dollar’s value reached the highest of over K3,000 per dollar in history last September-end. The CBM has been selling the US dollar in the auction market to control the rise and fall of the exchange rate. The bank reportedly sold $30 million in November in the auction market. Likewise, the bank also sold $110 million in October, $63 million in September and $28 million in August.

Besides, the bank also sold $39 million in July, $12 million in June, $24 million in May, $12 million in April and $6.8 million in February at foreign currency auction system. In the first six months of 2021, the highest and lowest exchange rate is currently fixed around K1,327-1,345 in January, K1,335-1,465 in February, K1,420- 1,550 in March, K1,550-1,610 in April, K1,585-1,730 in May, K1,595-1,620 in June, K1,626-1,670 in July, K1,660-1,682 in August, K1,696-3,200 in September and K1,850-1,990 in October.

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 the last six months in 2019, the rates were fixed 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 a record high of K1,650 in the local exchange market.

Source: The Global New Light of Myanmar

Imports of petroleum products exceed US$ 2.6 bln in FY2020-2021

by ENERGY

Myanmar imported more than US$2.6 billion worth of petroleum products in the financial year 2020-2021, as per the Myanmar Customs Department. At present, the domestic fuel oil price is still bullish as the coronavirus negative impacts sparked oil demand concerns, coupled with Kyat depreciation. The fuel oil was pegged at around K620 per litre for Octane 92, K750 for Octane 95, K660 for diesel and K670 for premium diesel in early February 2021 in the domestic retail market. On 26 Nov, it rallied to K1,310- 1,335 for Octane 92, K1,360-1,385 for Octane 95, K1,265-1,295 for diesel and K1,275-1,305 for premium diesel, according to local fuel oil market.

Domestic oil price is positively related to the global market and the dollar exchange rate. The soaring demand drives up the oil prices rally higher. Additionally, a foreign exchange rate also affects the petroleum price. Kyat is weakening in the local forex market, with around K1,800 per dollar on 26 November. In mid-February, a dollar was worth only K1,430. Normally, Myanmar imports fuel oil primarily from Singapore, with monthly volumes touching 200,000 tonnes for gasoline and 400,000 tonnes for diesel. There are about 2,000 fuel stations and over 50 oil importer companies in Myanmar, Myanmar Petroleum Trade Association stated.

In early June 2021, the Ministry of Electricity and Energy notified the private sector of keeping the oil storage above 35 per cent of the storage capacity of the tanks to avoid the possible discrepancy between demand and supply. Last year, the domestic oil prices have declined to start from January owing to a fall in global oil prices. On 8 January 2020, oil prices were pegged at around K905 per litre for Octane 92, K995 for Octane 95, and K985 for diesel and premium diesel. Following the global market crashing, the domestic oil price plunged to more than 50 per cent in April against January’s prices. In late April 2020, the oil prices touched the lowest of K290-330 per litre for Octane 92, K430-455 for Octane 95, K435- 465 for diesel, and K445-475 for premium diesel, according to the domestic oil market. Ninety per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally.

Source: The Global New Light of Myanmar

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DICA directs companies to open corporate accounts

by INVESTMENT

The Directorate of Investment and Company Administration (DICA) notified the companies on 22 November to open corporate accounts, according to its statement. Some companies or organizations established under the Myanmar Companies Law are found to run the business with the personal account of the directors without having corporate accounts. According to Section 5 (A) of the Myanmar Companies Law, a company is a legal entity in its own right separate from its members having full rights, powers and privileges. So, every company is obligated to have separate accounts to hold and manage money made within businesses.

The DICA hereby notified, in exercising the power conferred under Section 462 Subsection (a) (ii) of the Myanmar Companies Law, that a corporate account is required for the companies to deal with financial accounting of the businesses. This notification comprehends every registered company at the DICA. The number of companies registered on the online registry system, MyCO, reached approximately 6,000 in the past ten months this year, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018 under the Myanmar Companies Law 2017.

During the January-Octoberperiod, the number of registered companies on MyCO was 1,373 in January, 188 in February,163 in March, 254 in April, 686 in May, 775 in June, 433 in July, 360 in August, 733 in September and 1,027 in October, the DICA’s statistics showed. At present, 100 per cent of the applicants are using the online registration platform, the DICA stated. Last year, the figures of registered companies stood at 1,415 in January, 1,298 in February and 1,015 in March, only 348 companies in April, 798 in May, 1,314 in June, 1,650 in July, 1,551 in August, 1,378 in September, 1,693 in October, 1,099 in November and 1,521 in December, as per statistics of the DICA.

In 2019, the figure stood at 1,733 in January 2019, 1,419 in February, 1,108 in March, and over 1,045 in April, 1,411 in May, 1,307 in June, 1,428 in July, 1,302 in August and 1,181 in September. The figures reached a fresh new peak of 2,059 in October 2019. Then, 1,615 new companies in November and 1,772 in December were recorded, data of the DICA showed. When the online registry was launched in August, 2018, 1,816 new companies registered on MyCO. The figure stood at 2,218 in September 2018, 1,671 in October, 1,431 in November and 1,364 in December 2018.

Source: The Global New Light of Myanmar

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Thilawa SEZ attracts US$102 mln in FY2020-2021

by INVESTMENT

Foreign investments of over US$102 million, including the expansion of capital by the existing enterprises, flowed into Thilawa Special Economic Zone under the Special Economic Zone Law and one foreign enterprise was given the go-ahead in the financial year 2020-2021. While the manufacturing sector absorbed the largest share of foreign investments, the investments were also pumped into the trading, other services, logistics, hotels and tourism, and real estate sectors. Japan topped the list of foreign investors so far, accounting for over 33 per cent of the overall investment, followed by Singapore and Thailand.

FDI also flowed into the SEZs from the Republic of Korea, Hong Kong (SAR), the UK, Australia, the UAE, Malaysia, Austria, China (Taipei), Denmark, Brunei Darussalam, Viet Nam, France, Switzerland, and the Netherlands as well. Myanmar is currently implementing three Special Economic Zones — Thilawa, Kyaukpyu, and Dawei. Out of the three, Thilawa is leading to better infrastructure and successful businesses. More than 60 per cent of businesses in Thilawa is domestic-oriented manufacturing enterprises, while 40 per cent are export-oriented manufacturers, according to a press statement issued by Myanmar Thilawa SEZ Holdings Public Ltd in June 2019.

A company exporting at least 75 per cent of the production in value is registered as a Free Zone investor and is exempt from paying corporate tax for 7 years from the time it starts commercial operations. Companies such as logistics, which support export-oriented manufacturing, can also be listed as free zone companies. Domestic-oriented manufacturing companies are regarded as promotion zone companies, and they are eligible for a five-year holiday on corporate tax. Between 1 October and 30 September of the FY2019-2020, eight foreign enterprises were given the green light, ploughing in capitals of $163.277 million.

Source: The Global New Light of Myanmar

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Singapore ranked Myanmar’s second-largest importer in FY2020-2021

by TRADING

Singapore is the second-largest importer of Myanmar in the financial year 2020-2021, with an estimated value of US$2.6 billion, the Ministry of Commerce data showed. During the previous FY, the value of Myanmar’s bilateral trade with Singapore in normal trade and border trade topped $2.8 billion.

The Ministry of Commerce reported that imports surpassed exports in trade with Singapore, with exports reaching $207.4 million and imports valued at over $2.6 billion. Myanmar trade deficit in goods with Singapore was estimated at $2.39 billion. Singapore is Myanmar’s second-largest trading partner in the region, after Thailand.

Myanmar exports agricultural products, footwear, textiles and clothing, minerals, and animal products to Singapore, while it imports plastics, fuel oil, capital goods, intermediate goods, consumer products, metals, and chemicals. Myanmar’s bilateral trade with Singapore has registered $3.8 billion in the 2019-2020FY, $3.5 billion in the 2018-2019FY, $1.99 billion in the 2018 mini- budget period, $3.83 billion in the 2017-2018FY, $2.96 billion in the 2016-2017FY, and $3.69 billion in the 2015-2016FY.

Source: The Global New Light of Myanmar