Economy
SAC extends six-month term for serving State responsibilities
The National Defence and Security Council held the 2/2024 meeting in Nay Pyi Taw on 31 July 2024 and extended six-month term for serving State responsibilities till end January 2025. SAC Chairman pointed out the reasons for extensions that some foreign countries encourage armed insurgents and terrorist groups and political dissenters with monetary assistance, food, medicines, arms and ammunition, technologies and logistic opportunities in order to shape Myanmar as expected for prolonging armed conflicts. In addition, he expressed that some countries impose economic sanctions against Myanmar, applying more sanctions against banks not running banking services, blocking border trade in various ways and means, and encouraging ethnic armed organizations from border regions in various ways in order to seek profits and manipulate these areas.
Flood victims evacuated to relief camps, provided with relief supplies
More than 10-day torrential rains in July trigger flash flood and overflow of rivers and creeks in many parts of the nation, inundating some low-lying areas of regions and states. Transportation routes such as motor roads and railway lines in lower Myanmar were flooded and blocked. Volunteers and service personnel from relevant departments carry out rescue and relief measures under the supervision of relevant disaster management bodies in regions and states while health personnel perform necessary healthcare services and prevention of infectious diseases for the people from flood-ravaged areas.
Finance
Kyat depreciates to K 5,400 against US dollar and gold price increased
Kyat weakened to K 5,400 against US dollar at end July at the over the counter market. The Central Bank of Myanmar (CBM) sold US$5.4 million to those importing edible oil, fertilizer, pharmaceuticals, and medical devices on online trading platforms and injected 5 million yuan in July. Gold price reached kyat 6.8 million per tickle.
Trade
Over 6,000 online businesses registered by July
As of July 2024, more than 6,000 online businesses were officially registered, according to the Department of Trade under the Ministry of Commerce. The department is conducting the registration process in accordance with the Consumer Protection Law and other existing laws to ensure that consumer rights are protected in the online sales sector in Myanmar.
To apply for a registration certificate for businesses selling online under the Essential Supplies and Services Law, an introduction and awareness ceremony for the registration application system, as per notifications held in October 2023. Additionally, starting on 1 January 2024, the department announced that action would be taken against unregistered online sales.
Efforts underway to reopen India-Myanmar border
Union Minister U Myint Kyaing for the Ministry of Immigration and Population and the Indian Ambassador to Myanmar discussed on 24 July resuming border posts, including the Tamu-Moreh border. The discussion emphasized visas for people of the two nations, the resumption of border checkpoints to facilitate entry and exit processing between Myanmar and India and technical cooperation for e-ID systems for immigration. Myanmar-India border trade uses three border crossings from Tamu to Mandalay. Myanmar also carried out border trade through Sittway Port.
Manufacturing
Myanmar garment struggles with labour shortage amid order surge
Although the garment factories in Myanmar’s industrial zones have received more orders than before, they are facing a shortage of local workers. Garment factories have more opportunities to receive such orders from abroad, but currently, factory workers are moving illegally to garment industries abroad. Now, there are industrial zones on the border with China, so the workers go there illegally. As they can show their competence in practical work, they are employed with accommodation and meal allowances according to garment manufacturers.
Energy
Thanlyin Oil Refinery to resume operations aiming for EURO 4 standard
ACCORDING to the Ministry of Energy (MoE), the No 1 Oil Refinery (Thanlyin) will resume operations and aim to achieve at least EURO 4 Standard quality. On 27 July, the Union Energy Minister disclosed that the No 1 Oil Refinery (Thanlyin) would restart as soon as possible to produce and distribute fuel to meet domestic demand. A site survey, factory design, installation of necessary equipment, and construction work must be completed in line with prescribed standards to resume oil production.
COVID
- In order to continuously control the infection of COVID-19, the rules and restrictions have been extended until the end of August 2024.