CBM says no plan to change referenceexchange rate

THE Central Bank of Myanmar (CBM) has no plan to change the reference exchange rate and it will maintain USD liquidity and Kyat Liquidity providing operations, according to the CBM’s notification
released on 26 May. Additionally, the CBM will sell more foreign currencies at the FX counters of the relevant banks. To stabilize and enhance the FX market, the CBM has been providing liquidity through local banks. It helps reduce the need for US dollar liquidity and Kyat liquidity for the businesspersons and stabilize the exchange rate, the statement mentioned. However, those unscrupulous are attempting to take advantage of some people by manipulating the FX market with false rumours. This being so, the CBM announced that it has no plan to change the reference exchange rate. The CBM will continue to provide USD liquidity and Kyat liquidity. Those studying abroad, working abroad under the foreign recruitment program of the Ministry of Labour and going abroad for medical treatment are entitled to buy large amounts of foreign currencies at the banks’ FX counters and the CBM has planned to sell
the cards for international payment during the set period. The CBM warned the people of malicious rumours regarding the FX market. Investigation and prosecution of market manipulation to hike the exchange rate in the local forex market by disseminating incorrect information will be undertaken under the provisions stipulated in the Central Bank of Myanmar Law and Foreign Exchange Management Law. Tipping off about the manipulators can be done through the CBM’s email: gov.office@cbm.gov.mm.

Source: The Global New Light of Myanmar

Myanmar-China economic and trade cooperation discussion, signing ceremony held

THE Myanmar Trade Promotion Organization under the Ministry of Commerce, and the Lancang
People’s Government in Yunnan Province, the People’s Republic of China, are co-hosting Myanmar (Nay Pyi Taw)-China (Lancang) Trade Fair from 25 to 28 May. As part of the programme of the second day, the
Myanmar-China economic and trade cooperation discussion and the signing ceremony took place at the
Plenary Hall of the Myanmar International Convention Centre II (MICC-II) yesterday morning.
First of all, Lancang cultural dance troupes from the People’s Republic of China performed traditional
Chinese dances at the ceremony.

Afterwards, Director-General Daw Naw Muta Kapaw of the Myanmar Trade Promotion Organization, Economic and Commercial Counsellor Mr Tan Shufu from the Chinese Embassy, and Director Mr Zhou Yongzhi of the Lancang Commerce Department gave their opening speeches. Next, companies from Myanmar and China presented the conditions under which the two countries will be able to cooperate in trade. Then, 17 companies from both countries signed nine agreements on cooperation and trade in areas such as agricultural products, foodstuffs, soft drinks and beverages, pharmaceutical products, household electronics, and electric vehicles.

Source: The Global New Light of Myanmar