Ups and downs
Burma’s currency was stable again this week; the buying rate for Burmese kyat on Friday was 973 to the US dollar. The price of gold rose slightly to 671,300 kyat per tical, up from 669,000 kyat last week. Fuel and rice prices remained steady.
Coal plant to be built near Rangoon
A 300 megawatt coal power plant is soon to be built in Thaung Khng village, 40 km south of Rangoon, local media reported on Sunday. Eleven Media cited project officials who said that villagers have been informed of the project, which will be managed by Kaung Myat Thaw Myay Company, a subsidiary of Asia World. The project will comprise two 150 MW stations and could be expanded to include three other facilities. It is intended to provide electricity primarily to Rangoon.
India to sign Free Trade Agreement with Burma
India’s Ministry of Commerce and Industry expects to sign a long-awaited Free Trade Agreement with the Southeast Asian trade bloc later this month, The New Indian Express reported on Monday. Minister of State Nirmala Sitharaman will travel to the Burmese capital Naypyidaw on 26-27 August for an ASEAN-Indian ministerial meeting, where the treaty will be signed. The agreement indicates India’s interest in a Regional Comprehensive Economic Partnership plan that extends further across Asia and the Pacific, the report said.