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Pure gold price continues to fall to K2.7 mln per tical

The price of pure gold continues to plunge to K2.7 million per tical (0.578 ounces or 0.016 kilogramme), according to the domestic gold market. The downward trend of pure gold in the domestic market is due to the fall in gold prices in international markets and the slide in the Kyat-dollar exchange rate. At present, gold price is US$1,630 per ounce and a dollar is exchanged at K3,100 in the black market. In late August, the dollar hit a tremendous high of over K4,500 in the unofficial markets. Following the depreciation of Kyat, the pure gold price reached a record-high of K3.7 million per tical.

The prevailing prices of pure gold are K2.7 million per tical for selling and K2.67 million per tical for buying. The governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market on the afternoon of 14 September in Nay Pyi Taw. At the meeting, the governor of the CBM remarked the further coordination of the departments concerned, gold bar transactions to be made with the banking system and operations of the banks, further support of the ministries concerned and the CBM to achieve price stability, and further cooperation between gold businesspersons and the officials.

The Ministry of Natural Resources and Environmental Conservation declared the sales of gold coins weighing one tical, 0.5 tical and 0.25 tical through state-run media on 2 September. The gold coins have been on sale at Nay Pyi Taw’s Gems Emporium from 5 September. Gold coins were sold at K2.95 million per tical on 5 September, K2.85 million from 6 to 13 September and K2.8 million from 14 to 16 September respectively. A citizenship scrutiny card and its copy are mandatory in buying gold coins cash down. The accumulated sales of gold coins stood at 455.75 ticals as of 16 September, according to the Press Conference of the Information Team of the State Administration Council held on 20 September.

The State’s gold coin market has expanded to Yangon and Mandalay regions from 23 September other than Nay Pyi Taw, the ministry issued an announcement through the state-run media on 22 September. On 28 September 2021, a dollar value hit a peak of over K3,000 in the black market, pushing the pure gold up to K2.22 million per tical. Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on the Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability plays a crucial role in trade facilitation.

The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules 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 foreign currency holding, 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 the banks as shadow money.

Source: The Global New Light of Myanmar

Employees work at the Shweyi Zabe garment factory in Shwe Pyi Thar Industrial Zone in Yangon on September 18, 2015. AFP PHOTO / Ye Aung THU (Photo by Ye Aung Thu / AFP)

Myanmar’s GDP shows 2-per-cent growth: ADB report

Although Myanmar’s GDP showed minus in 2021, it sees two per cent GDP growth within six months after March 2022, according to the report of the Asian Development Bank. In 2021, the businesses showed almost a standstill for political changes and the GDP rate dropped to -5.9 per cent, the report said. The GDP growth is the result of prioritizing the local manufacturing sector and Myanmar’s businesses are running normally in the term of the State Administration Council.

Previously, according to the report of the World Bank, Myanmar’s economy will develop more than before, ADB forecast. Currently, the export incomes from the garment industry and SMEs are increasing slowly and it can develop to five per cent steadily by the end of this FY, according to ADB. In 2021, Myanmar’s economy drastically declined and the expenditure amounted to 23.74 per cent of GDP while the income amounted to 16.18 per cent of GDP and the deficit totalled 7.56 per cent of GDP.

In the first nine months of 2022FY, the country earned $669 million from foreign investment and it showed a decline of 82.2 per cent compared to the previous financial year, according to ADB. Moreover, the inflation rate was 17.3 per cent higher than in previous years. The government makes efforts to increase the export volume and the country earned US$7600.425 million from exports, $7461.545 million from imports and a trade surplus of $138.88 million between 1 April and 9 September 2022. According to the data of the Myanmar Investment Commission, the country received over $1.2 billion from 35 foreign investments until August 2022-2023FY.

Source: The Global New Light of Myanmar

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Gold coins available now in Yangon, Mandalay regions

The gold coin sales have expanded to new locations in the Yangon and Mandalay regions in addition to Nay Pyi Taw, according to the Ministry of Natural Resources and Environmental Conservation. The ministry declared the sales of gold coins weighing one tical, 0.5 tical and 0.25 tical through state-run media on 2 September. The gold coins have been on sale at Nay Pyi Taw’s Gems Emporium from 5 September. Gold coins were sold at K2.95 million per tical on 5 September, K2.85 million from 6 to 13 September and K2.8 million from 14 to 16 September respectively.

A citizenship scrutiny card and its copy are mandatory in buying gold coins cash down. The accumulated sales of gold coins stood at 455.75 ticals as of 16 September, according to the Press Conference of the Information Team of the State Administration Council held on 20 September. The State’s gold coin market has expanded to Yangon and Mandalay regions from 23 September other than Nay Pyi Taw, the ministry announced through the state-run media on 22 September. The sales price of gold coin for 23 September was not announced yet the pure gold was transacted at K2.8 million per tical in the grey market.

The ministry commenced gold coin sales intending to govern the price hike in the domestic gold market. However, domestic gold prices remain high tracking the soaring US dollar value against the local currency. Kyat is depreciated at K3,200 against the safe-haven US dollar in the black market. In late August, the dollar hit a tremendous high of over K4,500 in the unofficial markets. Following the depreciation of Kyat, the pure gold price reached a record-high of K3.7 million per tical.

The governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market on the afternoon of 14 September in Nay Pyi Taw. At the meeting, the governor of the CBM remarked the further coordination of the departments concerned, gold bar transactions to be made with the banking system and operations of the banks, further support of the ministries concerned and the CBM to achieve price stability, and further cooperation between gold businesspersons and the officials.

Last 28 September 2021, a dollar value hit a peak of over K3,000 in the black market, pushing the pure gold up to K2.22 million per tical. Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on the Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability plays a crucial role in trade facilitation.

The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules 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 foreign currency holding, 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 the banks as shadow money.

Source: The Global New Light of Myanmar

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Weekly market update of dry groceries

During the week ending 20 September, the prices of onion and sugar bounced back at Bayintnaung Wholesale Market. Meanwhile, the prices of palm oil and chilli pepper slid again. Also, Chinese potato and black gram prices fell. Sugar fetched K2,550 per viss (a viss equals 1.6 kilogrammes) in the wholesale market.

Onion
The prices of large onions declined to K2,800 and Chinese onion prices plunged to K1,800 per viss. The price rose again on 17 September after the significant drop in supply to Yangon markets. About 42,000 visses of onions on 16 September and 36,000 visses of onions on 17 September were supplied to Yangon markets. Onions from the Seikphyu area did not enter the market then.

Following the entry of 72,000 visses of onions on 20 September, only onions from the Seikphyu area were set price at K2,800-3,200 per viss in the wholesale market. On 20 September, the maximum price of onions was K3,100 per viss at Seikphyu commodity depot and K3,000 per viss of onions at Pakokku commodity depot, according to the price data of those two regions.
Chinese onions were sold at K2,500 after the processing process. The price of Chinese onions which have the same size as those from Myittha Township stood at K2,650 per viss.

Garlic
On 20 September, the wholesale prices of garlic from Shan State (Aungban area) moved in the range of K2,800-4,000 per viss while Kyukok garlic fetched K4,000 per viss. The prices dropped from K4,200-4,800 per viss recorded in the previous weeks.

Potato
The price of Chinese potatoes decreased to K2,150 on 19 and 20 September after it hit K2,500 per viss.
Shan potatoes were priced at K1,500-1,700 per viss depending on quality. However, big potatoes are not found in the markets.

Chilli pepper
After chilli pepper hit the record price of K19,000 per viss for the second time, the rate went down to K17,000 per viss.

Palm oil
The wholesale reference price of palm oil in the Yangon Region this week declined by K40 per viss compared to the last week’s price. The reference price for a week from 19 to 25 September was set at K4,690 per viss.
Consequently, palm oil is volatile in the markets. The wholesale prices fluctuated at K7,600-7,800 per viss on 14 September, K8,800-8,900 on 17 September, K8,500-8,600 on 19 September and K8,000-8,200 on 20 September respectively.

Rice
Monsoon paddy harvest began. Low-grade rice started to enter Yangon markets at K42,000 per bag. The export price of broken rice was high at around K40,000 per bag. The prices of both high-grade and low-grade rice were stable in low demand. The prices are expected to slightly decline, traders aired their opinions.

Pulses
On 20 September, the prices of black gram (RC) slid below K2 million per tonne again after price fluctuation. The prices of various pulses stood at over K1,980,000 per tonne of black gram (Fair Average Quality/RC), K2,310,000 per tonne of black gram (Special Quality/RC) and K2,170,000 per tonne of pigeon pea (red gram) RC in Yangon and markets. 

Source: The Global New Light of Myanmar

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Pure gold price slides again to K2.8 mln per tical

Pure gold spot price fell again to K2.8 million per tical (0.578 ounce or 0.016 kilogramme) in the domestic market, tracking the slide in the Kyat- US dollar exchange rate in the local forex market. The US dollar is exchanged for around K3,100 against the local currency. In August, the dollar hit a tremendous high of over K4,500 in the unofficial markets. Following the depreciation of Kyat, the pure gold price reached a record-high of K3.7 million per tical. The gold price is approximately K2,830,000 per tical in the domestic market. T

he governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market on the afternoon of 14 September in Nay Pyi Taw. At the meeting, the governor of the CBM remarked the further coordination of the departments concerned, gold bar transactions to be made with the banking system and operations of the banks, further support of the ministries concerned and the CBM to achieve price stability, and further cooperation between gold businesspersons and the officials.


The Ministry of Natural Resources and Environmental Conservation declared the sales of gold coins weighing one tical, 0.5 tical and 0.25 tical through state-run media on 2 September. The gold coins are available every day except during office holidays. In September 2021, a dollar value hit a peak of over K3,000 in the black market, pushing the pure gold up to K2.22 million per tical. Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on the Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability plays a crucial role in trade facilitation.

The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules 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 foreign currency holding, illegal trade and taking legal actions against price manipulators. Furthermore, the officials concerned will crack down on people involved in charging a percentage for money withdrawals at the banks as shadow money. 

Source: The Global New Light of Myanmar

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KBZ exchanges K3,000 per dollar for inward remittances of foreign salary with Hana Bank

Myanmar migrant workers can carry out inward remittances of foreign salary at K3,000 for a dollar from Hana Bank to KBZ Bank, Hana Bank Myanmar released a statement on its social media Facebook page on 15 September 2022. The exchange rate against the US dollar is set at K3,000. There is a two-step verification for the money transfer, the bank shared its statement on the page. There is no red tape like paper works and token system. The amount of money that can be withdrawn is unlimited as well. For any inconvenience, the customers can directly contact the representatives from the KBZ.

“For the salary remittance through the Hana EZ app, the customers must select SALARY in the purpose box when they register the recipient account. This way, the detailed banking information will mention SALARY or code no “5200”. When those people who have filled in the information just like that make international remittance, 1 US dollar will be exchanged at K3,000,” the Hana Bank’s official confirmed this on 15 September. “If they select other options except for SALARY, they will not receive the said exchange rate. They can re-register the recipient account and enjoy the aforementioned rate for sure,” Hana Bank Myanmar stated. There is no token system required to withdraw money with special accounts or other saving accounts. The money withdrawal is limitless as well.

The Central Bank of Myanmar (CBM) has recently directed local private banks to purchase the sailors’ foreign wages that are directly paid to their designated bank accounts at the maximum rate, as per the statement of the Myanmar Seafarers Federation (MSF). As a result of this, seafarers can receive a high exchange rate for local currency only when they put their foreign income into local banks. If they directly withdraw Kyat through regional agents in their own ways, the federation is uncertain about the amount of money that will be exchanged, as per the MSF’s statement. Myanmar migrant workers’ remittances amounted to US$6.152 billion over the past eight months, said Dr Pwint San, Union Minister of the Ministry of Labour. The remittance flows started in 2014 and the reports sent by the Central Bank of Myanmar stated that international remittance was carried out from Malaysia, Thailand, Singapore and other countries.

Source: The Global New Light of Myanmar

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CBM directs local private banks to buy sailor’s foreign wages at maximum rate

The Central Bank of Myanmar (CBM) has directed local private banks to purchase the sailors’ foreign wages that are directly paid to their designated bank accounts at the maximum rate, as per the statement of the Myanmar Seafarers Federation (MSF). MSF’s statement mentioned that the CBM released the directives concerning the use of foreign currency in late August. Myanmar seafarers need to realize those directives. Afterwards, the seafarers are also entitled to use their foreign wages in their own ways.

According to the discussion between the MSF and United Amara Bank and Ayeyawady Bank, a sailor can open a special account and foreign currency accounts together with his partner or his family member with whom he wants to pool his financial resources if he transfers his foreign income to Myanmar. A beneficiary can legally manage bank accounts when a sailor is out of the country. That co-owner can open more bank special accounts at the available branches and withdraw money. The private banks are directed to purchase the sailor’s foreign wages that came into the bank account at the daily highest rates of the banks, MSF stated.

Additionally, the seafarer is allowed to sell his foreign wages from his bank account to others. Yet, he must transfer money to another party within 21 days of deposit. Furthermore, they can also make foreign remittances for their personal cases such as supporting their children studying abroad or going abroad for medical treatment after reporting to and seeking approval of the authorities concerned through the bank. As a result of this, seafarers can receive a high exchange rate for local currency only when they put their foreign income into local banks. If they directly withdraw Kyat through regional agents in their own ways, the federation is uncertain about the amount of money that will be exchanged, as per the MSF’s statement. The CBM set the reference exchange rate of a US dollar at K2,100, yet a dollar hit approximately K3,300 in the black market. 

Source: The Global New Light of Myanmar

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Edible oil dealers speculate on price movements in Yangon market

Edible oil dealers told the Global New Light of Myanmar (GNLM) that there might be changing market conditions in Yangon edible oil market in early September 2022. At present, the prices of peanut oil, sesame oil and sunflower oil are surging. The palm oil prices stayed between K8,500-K9,700 per viss. In the second week of September, the prices of palm oil slid to K8,500-K8,600 per viss. Traders speculated on further drop in prices. The palm oil reference price in Yangon fell to the lowest of K3,525 per viss in early August. Thereafter, the price gradually went up according to the reference rates issued on a weekly basis. The reference price touched a high of K5,220 for a week ending 11 September.

The reference price for a week from 13 to 19 September is still not revealed on 11 September. However, the prices of palm oil in the wholesale market drastically dropped. On 11 September, the palm oil was priced at K8,500-K8,600 in wholesale markets. They are sold at K8,000 only at oil tanks, citing the market reports. Therefore, there is a price difference of K2,800 between the reference price and the prices set by distributors. There is also a large gap between the reference price and the wholesale price. On 12 August, the wholesale price K8,600 per viss was around K5,000 higher than the reference price K3,525. At that time, the main distributors offered the same price as the reference price although it was hard to buy the palm oil.

In early August, the mobile market trucks with subsidized price schemes sold the palm oil at only K3,700 per viss while the wholesale price was estimated at K8,600 per viss. Some unscrupulous businesspersons resold them with a profit of K1,500-K2,000. Some fried food businesses bought the edible oil from those sellers as they are K1,500-K2,000 cheaper than the wholesale prices. It is a win-win situation for both parties, Daw Hla Mu, a fritter seller from Kamayut Township, told the GNLM. The consumers are anticipating the changing market conditions. In the previous months, the mobile market trucks sold them at the cheaper rate yet there is a limited supply and quo

ta. The wholesale price is about K4,000 higher than the reference price, Ko Myint Lwin, a trader who delivers palm oil to other regions and states from Nyaungpinlay and Bayintnaung markets, told the GNLM. The wholesale price is doubled compared to the reference price. Majority of the consumers cannot get access to the subsidized scheme of mobile market trucks. They are forced to buy the palm oil at around K10,000 per viss, the GNLM quoted Daw Khaing who lives at a dormitory in Hlinethaya Township, as saying. As the price movement is likely to happen in the coming days, traders do not make a big purchase when the price is decreasing. The consumers also expect to see palm oil and vegetable oil bottles in the shelves of city marts.

Source: The Global New Light of Myanmar

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Ooredoo Myanmar to be sold to Singapore company for US$576 million

Ooredoo (Myanmar), a telecom operator in Myanmar, is to be sold to Singapore-based Nine Communications Pte Ltd for $576 million, announced on the Ooredoo website. In addition to the business value, the company will receive a total equity value of $162 million, according to the announcement.

At present, the board of directors has agreed, and the transaction will be carried out in line with Myanmar’s procedures. It is also reported that Ooredoo Myanmar, which is the third largest telecommunication operator in Myanmar, had around 15 million users by 2020.

Ooredoo shares rose 4.6 per cent in the market after news of the transaction was announced and departmental approval was in a pending stage. The increase is the highest one in Ooredoo’s share value since mid-August last year, according to Bloomberg News.

Source: The Global New Light of Myanmar

A man looks at the trading board at the Yangon Stock Exchange in Yangon, Myanmar on September 3, 2018.

Photograph: Taylor Weidman/Bloomberg

Equities market records highest trading value in Aug

The equities market sees the highest trading in August 2022 with 109,809 shares worth K370 million, the Yangon Stock Exchange’s monthly price data indicated. The stock trading value of seven listed companies on the Yangon Stock Exchange (YSX) amounted to K246.9 million with 72,843 shares in July, the Yangon Stock Exchange’s monthly price data indicated.

Trading of 61,435 shares valued at K282 million was recorded 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. The trading value slightly rose to K276 million with 53,059 shares traded on the exchange in April. The equities market saw K314 million worth 55,024 shares traded in May and K200.63 million worth 40,062 shares in June, 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 K7,300 for FMI, K2,450 for MTSH, K6,800 for MCB, K18,000 for FPB, K2,300 for TMH, K2,450 for EFR and K4,900 for AMATA respectively in August. Regardless of the collapse of the stock markets worldwide, the local equity market has been able to continue operating without stopping trading.

Additionally, YSX launched a 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. Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equities market since 20 March 2020. 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.

Source: The Global New Light of Myanmar