Week in Review: Myanmar

Despite criticisms, the central bank insists that this would help limit the wide use of dollar in the economy, which is facing hyper-inflation. 

Despite the anti-dollar policy, people still can buy and sell up to US$10,000 (Bt355,000), and companies can continue paying salaries in US dollar.

Year to date, the kyat has weakened by over 20 per cent against the greenback. It was last traded at 1,281 per dollar on Friday. 

Car dealers in Myawady said the dollar appreciation has not boosted auto sales, as transactions are mostly done in kyat or baht.

Yangon murder scene to get an Indian twist

A house in Yangon, where the family of a wealthy businessman was gunned down seven years ago, will open its doors next month as an Indian restaurant.

Rathore, general manager of Royal Legacy, said the restaurant would offer Indian and Thai cuisine. All rooms will be used. It is rumoured that the house was full of antique white sandalwood furniture worth up to $1 million. It is also believed that more than $2 million was spent on refurbishment. 

 

Election panel deflects blame for voting chaos

Not all 34,697 Myanmar expats applying for advance voting were able to vote last week and Union Election Commission chairman Tin Aye, at a meeting with political parties, blamed mistakes on the applications as well as lack of experience of the election agency and the Foreign Ministry. 

It is reported that ballots meant for Japan were sent to Egypt. In Singapore, thousands queued up each day, but only a few hundred could cast votes. 

Some voters said their names were not on the voter list, forcing a three-day extension of advance voting. Tin Aye said that UEC and the ministry are working on solutions.

 

Ex-junta profit from unscrupulous jade trade

The secret jade industry was valued at US$31 billion (Bt1.1 trllion) in 2014, corruption watchdog Global Witness said.

The value was nine times above $3.4 billion, the amount Myanmar earned in last year’s gem emporium, the country’s only official market for international sales of the precious stone.

Global Witness said most profits went to powerful military and ex-junta figures instead of the state coffers.

“The numbers are staggering,” Juman Kubba from Global Witness said, adding that the jade trade “may be the biggest natural resource heist in modern history”. 

She said there has been a “massive escalation” in jade extraction since large-scale mining resumed last September.

Quality of local products restricting trade

The value of trade between Myanmar and the European Union reached US$325 million (Bt11.5 billion) during April-September, according to the Commerce Ministry. Imports accounted for $185 million while exports were valued at $143 million.

Maung Aung, adviser to the ministry, said Myanmar has the potential to expand exports to nine more markets like Russia, Turkey, Norway and Australia, but restricting its ability is the quality of locally-made products.

 

Visiting US officials meet top-brass, Suu Kyi

US National Security Adviser Ben Rhodes and Alexander Graf Lambsdorff, vice chairman of the EU Election Observation Mission (EU EOM), and their teams met with top government and military officials in Nay Pyi Taw.

Myanmar’s top leaders, including UEC chairman Tin Aye, Union Minister of Home Affairs Lt-General Ko Ko, Commander-in-Chief Senior General Min Aung Hlaing and Lower House speaker Thura Shwe Mann met the dignitaries in separate meetings. Rhodes also met with opposition leader Aung San Suu Kyi.

 

Special report launched to guide voters

Thura Swiss, a consulting firm, launched a special report summarising Myanmar’s political background. The “2015 General Election in Myanmar: Looking Closer” includes the parliamentary system, the election process and key political figures. It can be downloaded from http://goo.gl/gNHOiS

 

Three Chinese tried for selling fake gold

Three Chinese men were prosecuted for selling fake gold in Yangon. Two of the accused were found with cash worth $100,000 (Bt3.5 million) in front of the Sinmin Market, Ahlon, in July. They could not explain why they had so much foreign currency and were suspected of theft. Further investigation suggested they had been selling fake gold. Another Chinese man was arrested at a guesthouse. They are from Shanxi, China, and staying in Myanmar with business visas.

 

Development funds may be forgotten: report

The development funds may run out with no concrete results to show for it, a Myanmar Development Resource Institute (MDRI) forum has heard.

The event, set up by the Asia Foundation and Action Aid Myanmar at the Yangon Novotel, heard that the government’s poverty alleviation scheme spent Ks16 billion (Bt444  million) in 2013-14 and Ks50 billion in the following year. The regional development funds amounted to Ks33 billion. The rural development funds were Ks254.5 million in 2011-12 and Ks329.5 million in 2012-13. About Ks10 million was allocated for development projects per village.

The regional and state governments had not prepared for the development projects and the funds were used differently in different places, MDRI researcher Cindy Joelene said.