Business

High imports of capital goods lead to trade deficit

Myanmar has seen consecutive trade deficits since 2012. The value of the country’s imports is higher than of its exports due to huge imports of capital goods for production and special economic zones, according to the commerce ministry.

Companies fail to notify DICA of operations, face losing licences

Although the Directorate of Investment and Company Administration previously announced that companies in Myanmar must notify the administration of future operations. These companies' licenses will be revoked, including those of many well-known local and foreign companies, according to DICA’s statement on November 22.

Central Bank not worried over low dollar reserves

Deputy Chairman Set Aung of the Central Bank of Myanmar said even though the amount of foreign currency reserves in the CBM is low, the situation will not escalate further.
The International Monetary Foundation (IMF) has previously issued reports on Myanmar’s economy, with warnings that the situation could worsen greatly if some sort of impact were to rock the situation already riddled with rising inflation and the drop in the kyat value.

Bid for foreign schools suspended

Khin Aung Myint, Upper House Speaker, has directed the bill committee to explain its recommendation that the Private Education Bill should not be passed.

The committee’s report said the bill, which proposed that foreign embassies should be allowed to open private schools in the country, was in contradiction of the Foreign Investment Law.

Most Yangon squatters from Ayeyawady

Yangon has more than 270,000 squatters and most are from Ayeyawady Region, according to a Yangon City Development Committee (YCDC) study.

Locals complain about Thai citizens working in Banchaung coal mining project

DAWEI—Locals complained to the Immigration Officer in Dawei Township, Taninthayi Region, yesterday about Thai citizens who have been working at the Banchaung coal mining project without legal work permits since the November 8.

May Flower Mining Enterprises was granted permission to implement the Banchaung coal mining project on 2,100 acres of land near Kyunchaung Gyi village in Dawei Township.

22 bids for traffic contract

Twenty-two joint-venture companies have submitted tenders to upgrade Yangon’s traffic system, according to the roads and bridges department of the Yangon City Development Committee.

A departmental spokesperson said: “We have received 22 tender applications. The list includes foreign companies in joint ventures with domestic firms. The department will scrutinise them within a month.”

Three cities proposed for JICA loan

The Japanese International Cooperation Agency (JICA) will offer loans of Ks5 billion to small- and medium-sized enterprises (SMEs) in Yangon, Pathein and Mandalay in December, according to the Small and Medium Industrial Development Bank (SMIDB)

The government has agreed with the JICA to take two-step loans at an interest rate of 0.01 per cent with funds going to the government and then to domestic banks for redistribution among SMEs.

Gold price drops

The gold price has dropped in line with the international market, reports say.

It was Ks796,000/tical (US$618/0.58 ounces) in October and now stands at Ks750,000.

Meanwhile the international price fell from $1,140/ounce to $1,089.

Win Myint, the secretary of the Yangon Region Gold Traders Association, said: “The gold price has been falling since the first week of November. The dealings happen normally.”

Mung bean prices fall due to low foreign demand

Despite a rise in the prices of beans and peas in local markets this fiscal year, a lack of foreign demand for mung beans has driven prices down.