The Rakhine State commerce minister is hoping around 10,000 tonnes of black gram beans will be exported to India from Sittwe this year, pending completion of the Kaladan Multi-Model Transit Transport Project.
The Central Bank has reissued an instruction that the kyat should be used in all local transactions in an effort to help stabilise the exchange rate. But a senior official in the foreign exchange management department has said the regulator also wants to help route more foreign currency transactions through banks.
The Ministry of Natural Resources and Environmental Conservation will reduce the volume of timber that can be exported abroad starting from May 1, according to a ministry spokesperson.
The fate of a nearly million-tonne bean deal remains uncertain as the Myanmar government awaits a response from India to its proposal to sell the beans at the current market price. The Indian government said it wanted to pay a much lower price.
Beleagured Yangon commuters will have to bear with the city’s ageing bus fleet a little longer. The regional transport authority says old buses will be able to keep plying the streets for the next three months.
Yangon authorities are making progress with a complicated scheme to help firms eager to run new city bus lines purchase brand new buses. The plan will see firms exchange old buses for import slips that can be sold for cash, and almost 350 old vehicles have been approved for exchange thus far.
First Private Bank will become the fourth firm to list on the Yangon Stock Exchange this month. The lender, which claims the oldest banking licence in Myanmar, has published its finances, expansion plans and fears ahead of the listing – offering a window into the challenges facing the country’s smaller banks at the start of 2017.