Daily Archives: February 24, 2021

1. Political Objectives
   (a) Building of a Federal Democratic Union by fully and lawfully exercising a
   genuine disciplined multiparty democratic system;
   (b) Special consideration of the Nationwide Ceasefire Agreement (NCA) to
   implement eternal peace in the whole country;
   (c) Practising the active, independent and non-aligned foreign policy and upholding the mutual co-existence principle.
2. Economic Objectives
   (a) Development of agricultural and livestock production as the base employing
   modernized methods and all-round development of other sectors of the economy
   as well;
   (b) To shape a stable market-oriented economic system by inviting foreign direct
   investments (FDIs) and developing the economy of the entire national peoples;
   (c) Creation of employment opportunities by encouraging domestic economic
   enterprises to produce State products.
3. Social Objectives
   (a) Uplift of dynamism of Union spirit as genuine patriotic spirit;
   (b) Preservation and safeguarding of cultural heritage and national characters
   by respecting the traditions and customs of all ethnic national peoples;
   (c) Uplift of health, fitness and education standards of the entire nation.

Source: The Global New Light of Myanmar

Chairman of the State Administration Council and Commander-in-Chief of Defence Services Senior General Min Aung Hlaing delivered a speech at the 1/2021 meeting of the Economic Affairs Committee yesterday. At the meeting, Senior General Min Aung Hlaing discussed the importance of the national economy as a driving force for the development of the country, the works of the economic affairs committee for this sector, collaborative efforts in the works, and promotion of the production and export sector to reduce trade deficits shown the figures of Ministry of Commerce and Ministry of Planning, Finance and Industry.

He also held talks on sufficient human resources for the workforces, natural resources in the country with over 54 million population and conservation works for future generations, production of import-substituted items, more electricity generation to improve production sector, employment opportunities for the citizens who completed basic and higher educations, assistance for the employers and employees, guarantees and incentives for investors and collection of tax revenue from more taxpayers.

The Chairman of State Administration Council also instructed providing assistance to factories and industries, adopting policies by the relevant ministries for the better quality of products, the participation of nationals in the economic sector, the proper intention of the Economic Affairs Committee in making approvals for investments. Union Minister U Win Shein, the secretary of the Economic Affairs Committee, reported on the formation of the committee and the discussions.

Union Ministers for the Ministry of Home Affairs, the Ministry of Planning, Finance and Industry, the Ministry of Agriculture, Livestock and Irrigation, the Ministry of Information, the Ministry of Natural Resources and Environmental Conservation, the Ministry of Electricity and Energy, the Ministry of Commerce, the Ministry of Construction, and the Ministry of Social Welfare, Relief and Resettlement discussed matters related to the approvals of ministries, registrations, issuing orders, the appointment of members for Securities and Exchange Commission of Myanmar, providing cash awards, and signing MoUs and agreements.

Union Minister U Aung Naing Oo also reported on the ongoing projects with foreign countries, MoUs and international assistance; Auditor-General of the Union Dr Kan Zaw about the work plans and reform processes; Union Minister U Khin Maung Yi about the compilation of copper and gems and organizing gems emporium. In his concluding remark, the Senior General discussed requirements for economic recovery from the impacts of COVID-19, proper time management, making appropriate reports without delay, collaboration among relevant departments and ministries through firm policies.

Source: The Global New Light of Myanmar

According tot the Central Bank of Myanmar, the US dollar value against Kyat keeps appreciating in the domestic forex market. The dollar exchange rate stood at K1,335 in January-end. The rate has reached above K1,400 starting from 4 February 2021. With the dollar value strengthening in the local forex market, a dollar was valued at K1,447 on 23 February. The exchange rate rose by K100 in recent days. Consequently, the Central Bank of Myanmar sold 6,8 million dollars at an auction rate on 3 February to control the dollar exchange rate rise.

It is usual for the CBM to regulate the dollar volatility by selling or purchasing dollar at an auction rate. Similarly, the precious pure gold metal price stood at only K1,320,500 per tical (0.578 ounces, or 0.016 kilograms) in the domestic market during January-end. It then reached a new peak of K1,410,000 on 3 February. Yangon Region Gold Entrepreneurs Association released a statement on 4 February that the association urged people and traders not to trust in rumors, control reckless gold trading over concerns, and use cash down payment system.

Last month, the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327. In 2020, the exchange rate moved in the range of K1,465-K1,493 in January, K1,436-K1,465 in February, K1,320-K1,445 in March, K1,395-1,440 in April, K1,406-1,426 in May, K1,385-1,412 in June, K1,367-1,440 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 2019, the rates are pegged 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 an all-time high of K1,650 in the local currency market.

Source: The Global New Light of Myanmar