Ups and downs
Burma’s currency was stable again this week; the buying rate for Burmese kyat on Friday was still 971 to the US dollar, while also selling at 971. The price of gold fell from 676, 500 kyat per tical to 669,000 kyat. Fuel remains the same as last week: petrol 820 kyat; diesel 950 kyat; and octane 950 kyat per litre. High-quality Pawsanhmwe rice remains at 1,300-1,700 kyat per basket, while low-quality Manawthukha rice is still set at 900 kyat per basket at most Rangoon markets.
China aims to legalise Burmese rice imports
Chinese officials will enter discussions geared towards allowing the legal import of Burmese rice, according to Yu Ding Cheng, chairman of the Chamber of Commerce in Yunnan, China. Seizures of illegal rice have led to a steep decline in value. Yu Ding Cheng said that he met with Burma’s Federation of Chambers of Commerce in efforts to boost cross-border trade on 14 August. The Myanmar Rice Federation said that they do not expect to meet this year’s target of exporting two million tons of rice, as value and demand have both dropped.
UK to supply Rangoon airport with refueling vehicles
Flightline Support Ltd, a UK-based manufacturer, has secured export contracts worth over UK£600,000 in Burma and Morocco, the British government announced on Thursday. “Flightline Support are among the first UK companies to clinch orders in [Burma] since the trade sanctions were lifted 12 months ago”, the government website said, noting that the British firm will supply Rangoon airport with two 20,000-litre aircraft refuelling vehicles. Ray Harris, Managing Director of Flightline support, recently visited the re-opened British embassy in Rangoon to meet UK Trade & Investment staff. According to the government website, they discussed “forging stronger ties with Myanma Petroleum Products Enterprise and the Myanmar Ministry of Energy”.
Read more: http://dvb.no/news/4...a-myanmar/43495