The Ministry of Commerce has relaxed long-standing trade restrictions on foreign companies, to allow onshore imports for the first time, though these will initially be limited to agricultural products and healthcare equipment.
Fresh from their second outing in Seoul, Myanmar producers are looking forward to enhanced trade with South Korea, particularly in value-added products. The experience will also be useful in the ASEAN economic community that is due to come into effect next month, they said.
As the kyat touches K1299 to the US dollar, its weakest level since the currency was floated in April 2012, and inflation rises, businesspeople in downtown Yangon discuss the impact of rising prices on everyday lift with Myanmar Times reporter Htut Oo Aung
As the National League for Democracy prepares to take charge of Myanmar’s economy, small businesses in Yangon are cutting costs and preparing for the worst, with food prices soaring and the kyat touching an all-time low against the dollar.
As of mid-November, trade at the country’s border posts showed a 14 percent rise over last year despite a fall in trade at some locations due to armed conflict or natural disaster, according to Ministry of Commerce statistics.
The Central Bank of Myanmar plans to tighten monetary policy to counter inflation, though at the request of banks has extended the deadline to meet a new reserve requirement ratio until January, said senior officials.