Pure gold price hovers at high level in domestic market

The price of pure gold remains high at around K3 million per tical (0.578 ounce or 0.016 kilogramme) in the unofficial domestic market on 3 May as the spot gold price rallied at $2,010 per ounce.
On 13 May, YGEA hiked the reference rate to over K2,368,000 per tical while the precious yellow metal was priced at K3,006,000 per tical. Consequently, there is a large price difference of about K600,000 per tical between the YGEA’s reference price and the price in the unofficial market.
YGEA calculated the price depending on the Central Bank of Myanmar’s reference exchange rate of K2,100, with some addition, while the US dollar is exchanged at K2,860 in the unofficial forex market. The US dollar exchange rate weighs on domestic gold prices. The YGEA requested sellers to make gold transactions below K2.9 million per tical on 27 April when the gap between the reference price and the market price is wide.
Following the bankruptcy of the US bank, the gold price soared. Despite the gold gain in the global market, Myanmar’s forex market sees no movement at all. Consequently, YGEA requested its members not to buy them competitively, tracking the upward trend in the gold spot price, as per YGEA’s statement released on 20 March.
Afterwards, the YGEA called for the members to make gold transactions with only immediate payment and avoid verbal transactions over calls without having any physical stocks. The YGEA is not bound to have any responsibilities for market manipulation in the unofficial market. As a result of this, its members are asked to strictly adhere to the rules and regulations of the association while making gold transactions.
At present, the authorities concerned are attempting to deal with market abuse and inspecting and prosecuting market manipulation is being undertaken.
Moreover, the Central Bank of Myanmar will inspect those manipulators to interfere with market stability through digital platforms, according to the notification dated 20 March.
The soaring dollar exchanging at over K4,500 drove the pure gold price up to a record-high of K3.7 million per tical in late August 2022. For the gold price to decline, the Ministry of Natural Resources and Environmental Conservation has been selling gold ingots under the competitive bidding system in Yangon, Mandalay and Nay Pyi Taw. With an aim at reducing gold prices, the YGEA and Mandalay Region Gold Entrepreneurs Association sold gold bullion supplied by the executive members and the members as well. 

Source: The Global New Light of Myanmar

myan- thai border trade

Myanmar-Thailand border trade crosses US$390 mln in April 2023-2024

Myanmar’s border trade with the neighbouring country, Thailand, totalled US$393.233 million in April during the current financial year 2023-2024.
The figures surged from $329.046 million recorded in the year-ago period, showing a significant increase of $64.187 million.
Myanmar carries out cross-border trade with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee and Mawtaung borders. Among them, the Hteekhee border performed the largest trade worth $273.366 million last month.
The trade values stood at $97.113 million at Myawady border post, $12.986 million at Tachilek, $7.189 million at Myeik, $2.491 million at Kawthoung and $0.088 million at Mawtaung.
Myanmar conducts border trade with the neighbouring countries China, Thailand, Bangladesh and India. It exports agricultural products, livestock products, fisheries, minerals, forest products, finished industrial goods and other goods, while it brings in capital goods, intermediate goods, consumer goods and raw materials by the CMP enterprises.
Thailand’s demand for Myanmar’s kitchen groceries (onion, rice powder, chilli pepper) has risen as it resumed the tourism businesses in the post-COVID period and the restaurants and food businesses widely used them.
Fishery products are directly sent to Bangkok, Thailand through Maesot. The fast and fresh delivery service is the priority. There is a timely transport arrangement for perishable green items like onions, chilli pepper and cabbage at the border.
The cloth roll, construction materials, industrial raw materials, pharmaceuticals, motorcycle parts, footwear, clothes, fruits, food products, cosmetics, gas, lubricants, household goods, feedstuff, bicycles, stationery, auto parts, tiles, feedstuff, fertilizer and electronic devices are imported. 

Source: The Global New Light of Myanmar

Opening ceremony of Sittway-Kaladan international jetty

The opening ceremony of the Sittway-Kaladan international jetty under the India-funded Kaladan Multimodal Transit Transport Project was held in Sittway Township of Rakhine State yesterday.
First, State Administration Council member Deputy Prime Minister Union Minister for Transport and Communications Admiral Tin Aung San welcomed the Indian delegation led by Minister Mr Shri Sarbananda Sonowal of Ports, Shipping and Waterways at the Sittway-Kaladan international jetty.
At the meeting hall of the port, the relevant officials of A to Z Exim Limited presented the work processes of the port to the Deputy Prime Minister and Indian officials.
Then, Indian Ambassador to Myanmar Mr Vinay Kumar, Rakhine State Chief Minister U Htein Lin and Indian Minister for Ports, Shipping and Waterways Mr Shri Sarbananda Sonowal made speeches respectively.
Speaking at the event, the Deputy Prime Minister said the opening of the Sittway-Kaladan international port, part of the India-funded Kalandan Multimodal Transit Transport Project, is an achievement that brings benefits not only to India but also to Rakhine and Chin states. As it is a multimodal transport system by linking the sea route, inland waterways and roads, the flow of transport and goods between Rakhine and Chin states will be better and it can develop the socioeconomic status of residents. It will create more job opportunities. It is thankful for the efforts of the two governments as the project creates direct trading services to the regional countries in addition to India through the Sittway port.
Then, the Deputy Prime Minister and Indian Minister pressed the button to inaugurate the monument of the port and exchanged gifts. They also had a documentary photo taken together with the attendees.

They then conducted the ribbon-cutting ceremony of the Sittway-Kaladan international jetty at Sittway-Kaladan International Port where the international cargo vessel ITT Lion docked at.
At noon, the Deputy Prime Minister, Indian Minister and party met with the members of the Rakhine State Chambers of Commerce at the Royal Sittwe Resort Hotel. During the meeting, they discussed the potential of bilateral trade, trade volume to regional countries through Sittway Port, economic and job opportunities for Rakhine State residents, transport system between Rakhine State and Chin State.
The Deputy Prime Minister met state-level departmental officials of Rakhine State at the cabinet office to discuss the cyclone that is likely to occur in the Bay of Bengal on 8 May.
During the meeting, the deputy director-general of the Department of Meteorology and Hydrology explained the weather forecast and paths of the storm and the Rakhine State chief minister, the security and border affairs minister and the cabinet secretary reported on the preparations and measures to be conducted in the period of emergency.
Then, the Deputy Prime Minister gave proper instructions. The Deputy Prime Minister and party then inspected the digging sandbank for 1,262 metres long waterway of Sateyoekya Creek conducted by the Rakhine State budget in 2022-2023 and 2023-2024FYs, nine wells in the Sittway agricultural farm and well-digging processes at Sittway General Hospital.

Source: The Global New Light of Myanmar