Daily Archives: August 13, 2023

IT should launch online trading for gold bar transactions just like the online trading of the foreign currency market, said Daw Than Than Swe, governor of the Central Bank of Myanmar during the meeting with the chairman and secretary of the Monitoring and Steering Committee on Gold and Currency Market and departmental officials yesterday.

She also mentioned the need to allow those who hold legal certificates for following the mechanisms of meeting the standard for gold, quality, weight and pricing to participate in online trading to ensure gold price stability.

She then instructed the supervisors to inspect whether the price manipulators make price instability at gold shops, and whether the shops have relevant work licences and other certificates including the legal trading price and payment methods.

The CBM launched online trading programmes in the international currency market on 22 June. It sold US$6.89 million at K2,920/2,922 per dollar to six banks on that day and also announced that the online sale prices were illegal.

Moreover, the CBM reviewed the lists of buyers and sellers of foreign currency submitted by AD-licensed banks and sale listings between the banks and customers and also negotiated with the banks regarding the exchange rate and amounts.

Then, the attendees reported on the proper situation concerning the online trading of CBM for real estate agents and car brokers in addition to the foreign currency and gold market to make official transactions by laying down rules and regulations and the plans to inspect as per the Anti-Corruption Law.

Source: The Global New Light of Myanmar

With only over two weeks remaining to export Myanmar’s corn to Thailand under Form D customs tariff benefit, the corn market falters, traders explained.
Thailand gives the go-ahead to corn imports under zero tariff (with Form-D), between 1 February and 31 August. However, Thailand imposed a maximum tax rate of 73 per cent on corn imports to protect the rights of their growers if the corn is imported during the corn season of Thailand. There are only 20 days remaining to enjoy that customs benefit.
Additionally, torrential rain on 7 August destroyed some road sections to Myawady, a major border point between Myanmar and Thailand. Therefore, landslides blocked the corn’s trade route and repair works are being undertaken. As a result of this, the market is slowing down.
The prevailing prices of corn stand at K1,200-1,220 per viss in the domestic market while the FOB corn prices were US$290-310 per tonne, according to Yangon Region Chambers of Commerce and Industry (Bayintnaung Commodity Depot).
Myanmar conveys corn to China and Thailand through the border and also sends corn to China, India, Vietnam and the Philippines by maritime shipping presently, according to the Myanmar Corn Industrial Association.
China is purchasing Myanmar’s corn through cross-border trade under the opium substitution programme. Legitimate corn trade between Myanmar and China commenced at the end of 2022. A total of 112 companies have been given the go-ahead for corn exports.
Myanmar exported more than two million tonnes of corn to foreign trade in 2022 corn season. The majority of them were sent to Thailand and the remaining went to China, India, the Philippines and VietNam.
More than two million tonnes of corn are expected to be shipped to foreign trade partners in the 2023 corn season, said U Min Khaing, patron of the Myanmar Corn Industrial Association.
At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. Myanmar has three corn seasons — winter, summer and monsoon. The country produces 2.5-3 million tonnes of corn every year. 

Source: The Global New Light of Myanmar