Yangon port admits larger container ships than before

MYANMA Port Authority under the Ministry of Transport and Communications discovered a new approach channel, the Kings Bank Channel in the Yangon port area and accelerated the sandbank dredging processes accepting larger-seized international vessels. As there is a better waterway, it can admit larger-sized vessels than before at the jetties in the Yangon port area.

Meanwhile, the MV SITC Zhaoming container ship with 185.99 metres of LOA, 35.25 metres of Beam, 29,232 tonnes of GRT and a capacity of 2,698 TEU under STIC Shipping Line arrived at the Asia World Port Terminal for the first time at 9:30 am on 22 June. That vessel is one of the largest container vessels ever docked at AWPT Port. It docked safely under the supervision of the Chief Executive Officer of Myanma Port Authority. The MV ITC Zhaoming container ship left Myanmar on 23 June.

Source: The Global New Light of Myanmar

Non-automatic licensing system will practice for importers: Ministry of Commerce

The Ministry of Commerce has announced that all import license applications for imports from the border will be allowed only through the non-automatic licensing system, as it is necessary to verify export income and other income evidences.

Seeking Import licenses through automatic licensing and non-automatic licensing systems on Myanmar Tradenet 2.0 platform is available from 22 June, according to the news bulletin (9/2023) released by the Trade Department under the Ministry of Commerce.

Having digitized the licensing system, import licensing for certain lines (1,525 lines) via seaborne trade will be automatically passed on to the system. According to that notification of the Ministry of Commerce, for seaborne trade, commodities lines that did not require import licenses before are mandatory for import licenses under the non-automatic import licensing process after 60 days from June 22.

Additionally, for imports via the border, only a non-automatic licensing system will be exercised amid the scrutiny of export earnings and other income documents. Those commodities that did not need import licenses before will be allowed to be imported with licenses after 30 days from today.

Total trade volume of Myanmar from April to March 2022-2023 FY is U.S $ 33.925 billion where last year trade volume was U.S $ 30.351 billion.  During 2022-2023 FY, it earned more than U.S $ 3.573 billion from foreign trade in compare with the same period last year.

Source: Daily Eleven

CBM: exchange rate determined on forex online trading platform

THE Central Bank of Myanmar (CBM) notified that the exchange rate transacted on the online trading
platform is the actual currency value and the US dollar was exchanged at over K2,900 on 22 June when the online trading platform started. In 2013, the CBM implemented a forex market for interbank transactions among authorized dealers and bank-customer transactions for foreign exchange market development. International forex trading platform (Refinitiv) helped the authorized dealers deliver a complete function for inter-bank transactions. The CBM has been managing online trading for bank-customer transactions. Starting on 22 June, the CBM led the online trading platform for bank-customer transactions and transactions between clients.

The total turnover for the trading of the six authorized banks was US$6.89 million with an exchange rate of K2,920. Furthermore, the CBM also provided USD SWAP Financing and sold 1.2 million dollars. The exchange rate transacted on online trading platforms determines the actual value and the rate in shady dealings and posted on social media platforms are just grey market rates, the CBM warned. The CBM will provide SWAP Financing for the essential goods in need and intervene in the forex market, according to the notification issued on 21 June 2023.

Source: The Global New Light of Myanmar