Myanmar banks facilitate petty cash exchange for outbound travellers

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The Central Bank of Myanmar has reported that banks with authorized dealer licences (AD-licensed banks) have disbursed petty cash ranging from US$300 to US$500 to each of 2,956 individuals who are preparing to travel abroad. CB Bank, A Bank, and Tun Commercial Bank have communicated through their social media platforms that individuals planning to work, study, or undergo medical treatment abroad can now acquire petty cash in foreign currencies.

With the directive from CBM, the AD-licensed banks have been instructed to provide individuals with petty cash between US$300 and US$500 per person (or its equivalent in other foreign currencies), based on the submission of requisite documents following the specific purpose of their overseas travel.
This initiative was launched on 31 May, and as of 8 August, a total of US$789,806 has been distributed to 2,603 individuals. Furthermore, 2,454,550 Thai baht has been provided to 301 persons, 9,861 Singapore dollars to 27 individuals, 16,738 Malaysian ringgit to 20 individuals, and 1,450 euros to five individuals.
Transactions have been carried out at rates of K2,500 or K2,600 per USD, and K75 to K85 per Thai baht. These rates vary based on the daily average exchange rate prevalent in the market.

Participating in this effort are CB Bank PCL (CB), KBZ Bank, AYA Bank PCL (AYA), Ayeyawady Farmers Development Bank (A Bank), Myanma Apex Bank (MAB), Yoma Bank (YOMA), UAB Bank (UAB), Asia Green Development Bank (AGD), Myanmar Oriental Bank (MOB), Global Treasure Bank (GTB), Tun Commercial Bank (TCB), Shwe Bank, First Private Bank (FPB), Innwa Bank Limited (Innwa), and Myanmar Citizens Bank (MCB). These banks have publicly disclosed the available counters for purchasing foreign currency on their respective websites and Facebook pages. 

Source: The Global New Light of Myanmar

“Dee Money” App facilitates seamless cash transfers for Myanmar citizens in Thailand

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The Myanmar Embassy to Thailand has announced that Dee Money mobile application has been
jointly established by two Myanmar-Thai non-bank financial service companies as an official money transfer service so that Myanmar nationals in Thailand will not be deceived when transferring money to their motherland. The embassy stated that Myanmar nationals in Thailand are being exploited while sending money back to Myanmar due to various reasons, as well as facing high transfer fees and a lack of guarantees daily.

If people transfer the baht currency equivalent to K10 million through the Dee Money mobile application, they will only be charged 49 baht per service fee. According to the embassy statement, Dee Money App is a safe and secure money transfer service for all Myanmar citizens in Thailand. Currently, Thai-Myanmar exchange rates are not stable and the value of the kyat is falling, reaching over K100 per Thai baht, as per the prevailing conditions in the forex market.

Source: The Global New Light of Myanmar

ME allows renewal for expiring PJ passports in Thailand from 2 August

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The Myanmar Embassy to Thailand announced on 20 July that PJ passports in Thailand which will expire on 31 March 2024, must be renewed from 2 August. The appointment tokens for the newly issued PJ passports will be given at the old office gate (the former location) from 8 am to 12 pm every Saturday starting from 29 July. Those who come to pick up the appointment token must bring their passport books, and the token will be issued only after the face match is verified. Therefore, it has been notified that withdrawals by agents will not be granted at all. All visitors are requested to come only in the morning because there are only a small number of PJ passport holders expiring on 31 March 2024, and line up in an orderly manner to obtain tokens.

Source: The Global New Light of Myanmar

CBM: exchange rate determined on forex online trading platform

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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

MADB to provide maximum loan ofK70 mln to individual farmers

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The Myanma Agriculture Development Bank (MADB) made an announcement on 14 June stating that it will offer loans of up to K70 million to individual farmers who require financial support for agricultural and rural development purposes.
The loan amount has been capped at a maximum of K70 million per farmer, with an additional provision that each group of farmers can receive a maximum loan of K500 million. These two-step loans, issued by MADB, come with an annual interest rate of five per cent and are intended to facilitate plantation activities and rural development.
The loans will be disbursed to farmers for the purchase of various types of farming machinery and agricultural equipment, as well as for the construction and maintenance of factories and warehouses.
Repayment terms require farmers to pay back the loan three times over a span of three years for tractors and hand tractors, while for other equipment, repayment is set at five times over a period of five years.
Interested farmers can obtain detailed information regarding the loan terms, conditions, and the necessary guarantee requirements by contacting the nearest Myanma Agriculture Development Banks or regional banks. 

Source: The Global New Light of Myanmar

aungbarlay

People will have easy access to buying lottery ticketsand sending payments for lottery tickets through the Aungbarlay online lottery application

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PEOPLE can easily buy the Aungbarlay lottery through an online lottery application by using their mobile
phones at any time anywhere, said Chairman of the State Administration Council Prime Minister Senior
General Min Aung Hlaing at the launching ceremony of the Aungbarlay online lottery system at Myanmar
International Convention Centre-II in Nay Pyi Taw yesterday morning.
In his speech, the Senior General said that people criticize the weakness of the Aungbarlay lottery ticket
system, especially requesting to solve the problem of higher prices of lottery tickets than the set price.
In addition to the sale of current Aungbarlay lottery tickets, the Aungbarlay online lottery system was
arranged for people to buy them at a set price. People can easily buy the Aungbarlay lottery through an online lottery application by using their mobile phones at any time anywhere. People will have easy access to buying lottery tickets and sending payments for lottery tickets through the Aungbarlay online lottery application. SMS will be sent to the mobile phones of winners in the lottery. Small prizes for winning the lottery will be sent to winners online or to the banking accounts of winners through electronic techniques.
The Senior General said that the digital lottery platform linking digital technology and mobile payment
system was introduced to the people for launching the Aungbarlay online lottery application. It aims to increase the revenue of the State, develop the digital economic infrastructure and initiate a cashless society. The Aungbarlay online lottery system was jointly implemented by relevant ministries and departments under the leadership of the Ministry of Finance and Revenue and Telecom International Myanmar Co Ltd. The documentary video of the Aungbarlay lottery and its online system was introduced to the attendees.
Deputy Prime Minister Union Minister U Win Shein, Union Minister for Investment and Foreign Economic
Relations Dr Kan Zaw, Chairman of Myanmar Economic Corporation Lt-Gen Nyo Saw and (Mytel) CEO
Nguyen Tien Dung of Viettel Group simultaneously put gold coins into the savings bank in commemoration of the launching the Aungbarlay online lottery system. The Senior General also put an Aungmingala gold coin into the bank in launching the new lottery system. Deputy Prime Minister Union Minister U Win Shein presented the logo of the online lottery system to the Senior General.
External Relations Chief Officer Dr Nilar Aye of Mytel clarified the procedures and advantages of applying
Mobile Application Download and drawing the lottery awards of the Aungbarlay online lottery system.
A five-year documentary video clip of Telecom International Myanmar Co Ltd (Mytel) which is the
partner of the online lottery system was presented. On behalf of the Ministry of Defence of the Socialist
Republic of Viet Nam, Vice-President Maj-Gen Nguyen Thanh Nam of Viettel Group spoke words of thanks and presented a certificate of honour to officials of Mytel. The Senior General viewed applying the mobile application for the Aungbarlay online lottery system.

Source: The Global New Light of Myanmar

tax

e-Registration Management System launched for taxpayers

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The Internal Revenue Department announced that the e-Registration Management System will be launched for taxpayer registration commencing on 23 May.

The Internal Revenue Department implemented the e-Registration Management System for taxpayers, intending to make the process easier and faster for the public. By using the e-Registration Management
System, taxpayers can make the registration through the Internet without having to go to the tax office.

In addition, companies, organizations, non-profit organizations and individual private entrepreneurs are requested to use the e-Registration Management System beginning on 23 May. The e-Registration Management System have to be uniformly adopted in the taxpayer registration processes.

Source: The Global New Light of Myanmar

CB bank

CB Banks allows daily transfer benchmark of K50 mln to all local banks

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A total of K50 million can be transferred daily from CB Bank to any local bank using CB Bank’s Business iBanking service through smartphones, tablets and laptops, according to CB Bank.

The iBanking service can be accessed anytime and anywhere through the Internet. Personal iBanking account can be opened at CB Bank branches and Business iBanking account at CB Bank (UFC Tower-2nd Floor).

CB Bank has informed the customers that CB Bank’s Internet Banking service can be used by connecting with their CB Bank accounts.

Source: The Global New Light of Myanmar

CB cards

CB Bank says holders can use prepaid cards from 21 April

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The CB Bank has announced that prepaid cards of the bank, which are eligible for spending US$1,000 per month or the equivalent Myanmar kyat, will be able to be used starting 21 April.
CB Bank’s Prepaid Card is a type of card that can be used without having to have a saving account. Therefore, it can be more convenient than holding cash and can be used to withdraw cash from ATMs in more than 210 countries around the world, pay at a point of sale (POS), and make quick-and-easy payments for online shopping, foreign trips, restaurants, hotels, shopping centres, and hospitals. In addition, it can be easily topped up through CB Pay and iBanking. There were also initial notifications to customers that they could apply for CB Bank’s debit, credit, and prepaid cards at their nearest CB Bank branches.
Customers who own this prepaid card issued by CB Bank will be able to use it starting 21 April.

Source: The Global New Light of Myanmar

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Over 1,000 Myanmar workers sent to S Korea under EPS within 2 months

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A total of 1,040 Myanmar workers have been despatched to the Republic of Korea through the Employment Permit System (EPS) in January and February this year, according to the Myanmar Embassy in Seoul.

Workers include 345 manufacturing workers, 28 CBT manufacturing workers, 236 re-entry manufacturing workers and 374 agriculture and livestock workers and 57 construction workers. The South Korean government is officially re-accepting Myanmar workers after the Covid-19 pandemic, and 1,293 Myanmar workers were sent in August, 978 in September; 1,169 in October, 728 in November and 599 in December.

An overseas employment recruitment agency saw off Myanmar workers at the Yangon International Airport and the labour attaché of the Myanmar Embassy in Seoul welcomed them at Incheon Airport. 

Source: The Global New Light of Myanmar