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KBZ bank reoperates ATMs in four cities, including Yangon

The Kanbawza Bank announced on 9 June that cash can be withdrawn at 47 KBZ ATMs in four cities, including Yangon. In Yangon, a maximum amount of K300,000 per week can be extracted from the ATMs located at the Kamayut Branch-1-2U, Sule Pagoda Road Branch, Kyaukmyaung Market M-1, 9th-Mile (U3), KTL-M-2, MICT Park Branch (U2), U Wisara Road, Junction City Branch, Sakura Residence, City Mart 6th-Mile, Ocean 9th-Mile, Ocean East Point, Yankin Centre and Super One Kyaikkasan and Hledan Centre. In addition, customers can also withdraw cash from their MPU Debit (ATM card), or by the mBanking Cardless Withdrawal at designated KBZ ATMs in Mandalay, Nay Pyi Taw and Taunggyi. The announcement also said that the list of the expanded ATMs which can issue cash will be announced in a timely manner. Currently, 15 places in Yangon, ten places in Mandalay, 13 places in Nay Pyi Taw and nine places in Taunggyi are set to withdraw cash from ATMs.

Source: The Global New Light of Myanmar

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Telenor Myanmar to be renamed Atom

Telenor Myanmar will be renamed Atom, according to a statement from Telenor Myanmar. TELENOR MYANMAR LIMITED was renamed ATOM MYANMAR LIMITED on May 30, the statement said.

The change in name of the company will reflect the aftermath of the transfer of ownership and will continue to create greater business opportunities for organizations and individual customers with better telecommunications services, enhancing support into a wider market, Telenor said in a statement.

The name change will not affect the services, Telenor said. Telenor Myanmar, formerly owned by Norway-based Telenor Group, was sold in March this year to M1 Group in Lebanon for $ 105 million. Telenor Myanmar was taken over by M1 Group and its local partner, Shwe Vyin Phyu, with 49 per cent owned by Shwe Vyin Phyu.

Source: Daily Eleven

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Dollar hits over K2,000 at exchanges despite CBM reference rate at K1,850

The unofficial exchange rate against the US dollar stands at over K2,000 on the over-the-counter market although the Central Bank of Myanmar (CBM) set the reference exchange rate at K1,850, according to local forex traders. To strengthen the Kyat value in the local forex market, the CBM set the exchange rate margin within 0.5 per cent of the reference rate for the transaction, selling or buying, according to a notification issued by the CBM on 9 November. Consequently, financial institutions including the banks and informal money exchanges set a dollar value at K1,781 for buying and K1,786 for selling.

Consequently, financial institutions including the banks and informal money exchanges set a dollar value at K1,850 for buying and K1,855 for selling. Nevertheless, the dollar was traded only between K2,058 and 2,068 on 1 June in the informal financial market. The CBM sold US$95 million at its auction market within three months this year for edible oil, fuel oil and pharmaceutical sectors, to govern the market volatility. A total of $443.8 million were sold at an auction rate in 2021 as well. Last 28 September 2021, a dollar value hit an all-time high of over K3,000 in the black market and consequently, the pure gold reached a record high of K2.22 million per tical (0.578 ounce or 0.016 kilogramme) in history.

Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability play a crucial role in the trade facilitation. The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules not in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal procurement of foreign currency, illegal trade and taking legal actions against price manipulators. Furthermore, the officials concerned will crack down on those people involved in charging a percentage for money withdrawals at banks as shadow money.

Source: The Global New Light of Myanmar

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Domestic palm oil price re-falls

The price of domestic palm oil is rolling back again, according to the market data. After Indonesia’s ban on palm oil export is lifted, the price slid again in the global oil-producing countries. The reference rate in the Yangon market for a week from 23 to 29 May is set at K5,500 per viss (a viss equals 1.6 kilogrammes), according to the Supervisory Committee on edible oil import and distribution under the Ministry of Commerce. The rate fell from the reference rate of K6,025 per viss for a week ended 15 May.

The figures show an increase of over K500 per viss within a week. The committee has been closely observing the FOB prices in Malaysia and Indonesia including transport costs, tariffs and banking services and issuing the wholesale market reference rate for edible oil on a weekly basis. The Ministry of Commerce is striving for the consumers not to worry over the supply of edible oil. The ministry is also trying to secure edible oil sufficiency, supervise the market to offer a reasonable price to the consumers, maintain the price stability and prevent market manipulation.

If those retailers and wholesalers are found overcharging, storing inventory intentionally and attempting unscrupulous action to manipulate the market, they will face legal action under the Special Goods Tax Law, MoC released a statement. On 9 May, to ensure the edible oil security, peanut and sesame exports were temporarily blocked, according to the Trade Department under the Ministry of Commerce. The domestic consumption of edible oil is estimated at one million tonnes per year. The local cooking oil production is just about 400,000 tonnes. To meet the oil sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported through Malaysia and Indonesia. 

Source: The Global New Light of Myanmar

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Gold transactions to be made only at YGEA office to eliminate black market

In a bid to end the black market and stabilize the volatile prices, transaction of gold bars has to be carried out in the office of Yangon Region Gold Entrepreneurs Association (YGEA), said U Myo Myint, chair of YGEA. “Some traders manipulate the price outside the office. YGEA offers a lower price than the retailers. The cross-border smugglers buy them from the association, causing the price to fluctuate. Some resell them with a gap of K20,000-K30,000 on the digital platform. Such transaction is not allowed to make. The gold transaction can be undertaken inside the YGEA’s office.

Licence for gold bar transaction is also required,” said U Myo Myint. Additionally, YGEA urged the members and gold traders to make gold transactions with immediate payment. Cross-border trade is not allowed without reporting to the association, according to its statement released on 17 May. The statement includes seeking a trade licence for gold shops, a licence for gold bar transactions and taking actions against those unauthorized dealers involved in online trade platforms. After that, gold shops engaged in gold bar transactions must make an inventory list of gold bar and gold trading reports.

Those individuals and gold shops will face legal actions under the existing law if they fail to follow that statement, according to YGEA. Moreover, YGEA also decided on 4 May to import gold from foreign countries in the coming rainy season not to fall short of raw metal supply. Additionally, gold traders and retailers are urged to make gold transactions by adding up to K5,000 to the price set by YGEA. In a bid to stabilize the gold market, gold transactions had better made according to the reference rate of the Central Bank of Myanmar (K1,850), according to the CBM’s statement released on 3 April. 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 force yet, said U Myo Myint, chair of YGEA. The US dollar stands at K2,000 in the unofficial black market. 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. At present, pure gold is worth K2,040,000 per tical (0.578 ounce, or 0.016 kilogramme) in the domestic market, while the global gold price stands at US$1,822 per ounce. 

Source: The Global New Light of Myanmar

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The Internal Revenue Department issued to submit income tax return, annual salary statement and annual trade tax declarations

The Internal Revenue Department issued to submit income tax return, annual salary statement and annual trade tax declarations. Year of Revenue, Year of Sales / Revenue The year of sales and revenue (accounting period) is from October 1, 2021 to March 31, 2022. Offices that will receive the declaration must submit it to the tax assessment office of the current taxpayer. If the company is not yet a taxpayer, the application must be submitted to the Central Tax Service Office for registration and tax assessment office, and the declaration must be submitted to the tax office designated by the Central Office for Taxation Services. 

If it is an individual who is not yet a taxpayer, it must be submitted to the relevant Township Revenue Office. If the submission is made in person, it will be considered as submission by the Department on the date of receipt of the receipt. In case of sending by post, it will be considered as delivery on the date stamped. In case of electronic submission, the Department will consider the submission on the date of receipt of the electronic form. When filling out the declaration, you must use the relevant forms prescribed by the Internal Revenue Department, and the tax declaration forms can be obtained from the relevant tax offices and the department’s website  at www.ird.gov.mm. The taxpayer is responsible for the accuracy and completeness of the tax declarations, so it is necessary to complete the prescribed declaration forms. 

The declaration form must be signed by the taxpayer himself, and if the tax declaration or part of the tax declaration is amended for a fee, the person making the amendment must also co-sign the declaration. The declaration must be submitted by June 30, 2022 at the latest. Failure to submit tax returns on time will result in a fine of one of the following two fines: (A) one percent of the amount of tax to be paid for each month or part of the month which continues to fail to submit the declaration from the date stipulated to be submitted by the Director-General in addition to five percent of the tax payable; (B) One hundred thousand kyats. If for some reason it is difficult to submit the declaration on time, you can apply to the relevant tax office in advance to extend the tax filing deadline.

Source: Daily Eleven

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Central Bank of Myanmar
Notification No 27/2022

7th Waxing of Kason 1384 ME
6 May 2022

  1. Under the Foreign Exchange Management Law, Foreign Exchange Management Regulations, and Notification No 46/2021 dated 10-11-2021 of the Central Bank of Myanmar, exporters must deposit their export earnings to their accounts in foreign currency within three months from the date of shipment of their goods. The holder of a foreign currency trading licence (AD banks) shall inspect whether exporters receive export earnings within three months from the shipment of their goods according to the evidence of actual exports.
  2. All export earnings received from the exports to Asian countries must deposit into the accounts of exporters in foreign currency in Myanmar within 45 days from the date of the shipment while within 90 days for the exports to other countries except for Asian countries. If the exporters fail to do so, they will be taken action under Section 42-a of the Foreign Exchange Management Law.

Than Nyein
Governor

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Pure gold price drops back to below K2 mln per tical

The prices of pure gold fell back to below K2 million per tical (0.578 ounce, or 0.016 kilogramme), according to the Yangon Region Gold Entrepreneurs Association (YGEA). At present, 24-carat gold is worth K1,989,000 per tical. The price dip happens to track the fall in global prices. The gold price stands at $1,865 per ounce in the worldwide market. When a 24-carat gold hit $1,950 per ounce in the third week of April, the domestic gold fetched K2,085,000 per tical.

Therefore, the global gold price saw price dips of $85 per ounce within two weeks. Consequently, the domestic gold price was down by K96,000 per tical. In a bid to stabilize the gold market, gold transactions had better made according to the reference foreign exchange rate of the Central Bank of Myanmar (K1,850 per USD), according to the CBM’s statement released on 3 April. 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 force yet, said U Myo Myint, chair of YGEA. Last 23 April, officials from the department concerned, YGEA and Mandalay Region Gold Entrepreneurs Association, discussed gold price stability at the meeting. Gold transactions on the CBM’s reference rate, at sight payment, and avoiding price manipulation were also discussed, according to YGEA. The current market condition impedes transactions based on the reference rate. Yet, it will be implemented later, U Myo Myint continued. The US dollar stands at K2,000 in the unofficial black market. Additionally, 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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Stock trading slightly rises in April 2022

THE equity market sees a slight increase in trading in April as against that recorded in March 2022, the Yangon Stock Exchange’s monthly price data indicated. A total of 61,435 shares valued at US$282 million by seven listed companies were traded on the exchange in January 2022, and the trading volume rose to 80,291 shares in February, with an estimated value of K414.9 million. A total of 52,408 shares with an
estimated value of K233.634 million were traded on the exchange in March 2022. Last month, the trading value slightly rose to K276 million, with 53,059 shares traded on the exchange, according to the monthly report of the YSX. At present, shares of seven listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH), the Ever Flow River Group Public Co., Ltd (EFR) and Amata Holding Public Co., Ltd. (AMATA) were traded in the equity market.

The share prices per unit were closed at K7,600 for FMI, K2,600 for MTSH, K7,700 for MCB, K18,000 for FPB, and K2,600 for TMH K2,600 for EFR and K4,900 for AMATA respectively in April. Regardless of the collapse of the stock markets worldwide, the local equities market has continued operating without stopping trading. Additionally, YSX launched pre-listing board (PLB) on 28 September 2020 in order to provide unlisted public companies with fund-raising opportunities and build a bridge toward listing on YSX. This month, YSX is planning to hold a free webinar regarding the legal aspects of SECM and the registration criteria of PLB. Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market since 20 March 2020.

Only K4.63 billion valued in 887,969 shares by seven listed companies were traded on the exchange in 2021, showing a significant drop of 63 per cent as against 2020, according to the annual report released by the exchange. In 2020, K12.6 billion worth of 1.87 million shares by six listed companies were traded on YSX. In contrast, over 2.4 million shares from five listed companies, valued at K13.39 billion, were traded on the exchange in 2019. The YSX was launched four years ago to improve the private business sector. It disseminates rules and regulations regarding the stock exchange and knowledge of share trading through stock investment webinars and training courses.Those enthusiastic can also join the YSX Telegram channel to easily access daily stock market updates, event info, market research and investor learning tips.

Source: Global New Light of Myanmar

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177 companies’ licenses cancelled as they fail to deposit export earnings into local accounts

A total of 177 export/import companies got their licences revoked as they failed to deposit the foreign currency earned from exports in the local bank accounts. Legal action has been taken against them for non-compliance with the law, according to a statement released by the Commerce Ministry on 27 April 2022.

Under the Foreign Exchange Management Law, all export earnings in foreign currency must be deposited back into the local account within three months after the goods are loaded.

Licences of 177 companies were cancelled as they did not abide by the notifications issued by the Central Bank of Myanmar, including 16 export companies in 2016, 72 in 2017 and 93 in 2018. According to the notification, the export companies will get their licence revoked and face actions under the existing laws if they fail to comply with them.

Source: The Global New Light of Myanmar