Week in Review: Myanmar

 

On Friday, the official rate was set at 1,284 per dollar, a 0.23 per cent drop from 1,281 on November 6 ahead of the general election.

The kyat’s historical low, 1,292, was recorded on September 17. It strengthened to 1,277 in October after the central bank launched measures against dollarisation. The downward trend resumed on November 5.

 

Yangon gets second KFC outlet 

After four months of operations, KFC has opened the second outlet in Myanmar, planning one more before the end of this year and several more in the first quarter of next year. Yoma Strategic Holdings said the first restaurant received tremendous success.

Traffic at the first outlet was brisk, welcoming local patrons of all ages as well as tourists.

 

India bars barter trade

India’s central bank will bar barter trade at its border with Myanmar, starting from next month.

In the circular, the Reserve Bank of India said that barter trade was initially permitted to facilitate exchange of locally produced commodities along the Indo-Myanmar border. These transactions were not captured in the banking system or reflected in the trade statistics. 

That has changed, as a banking presence is now in place to support normal trade.

 

New aircraft for Vietjet

Vietjet has ordered 30 new A321 aircraft to its fleet which caters to the recently launched route between Yangon and Ho Chi Minh City.

Vietjet started the route on October 2, offering five return flights per week. Vietjet plans to receive from eight to 12 neo aircraft every year.

 

Armed groups want peace

The ethnic armed groups which signed the nationwide ceasefire agreement last month congratulated all parties for the smooth election. 

Meeting in Thailand last week, they called for the smooth formation of a new government to push forward the peace process. They also called for an immediate end to military offensives in areas controlled by ethnic armies and the unconditional and immediate release of political prisoners. They urged all armed groups to “keep moving forward towards a democratic, federal union through political dialogue”.

 

Hunger strikers claim they were beaten

Two detained students in Mandalay who began hunger strikes at Myingyan Prison said they were beaten and denied water.

They told reporters on their way to a city court last week that officers gave them less than one litre of water on November 5 and 6 and nothing on November 8 and 9, forcing them to give up the strike.

However, two other students will take their spots.

Their move followed the hunger strike by students detained in Yangon which is still going on.

The Office of the High Commissioner for Human Rights has requested an investigation into the condition of the hunger strikers but it was delayed as permission must be requested from the regional-level court.

The movement aims to result in all political prisoners being freed.

 

Mandalay urban services

The Asian Development Bank has approved a US$60 million (Bt2.1 billion) loan to improve Mandalay’s urban environment and water management.

Myanmar’s second largest city is home to 2 per cent of the country’s population and generates about 8 per cent of the national gross domestic product.

But the piped-water system reaches only 55 per cent of residents, sanitation consists of septic tanks connected to roadside drains and latrines, and solid waste is dumped into the canals. Mandalay is also prone to intense flooding during the wet season. With the loan, a water treatment plant will be built and the supply network expanded, to connect 124,000 households from 19,000 now. The project is slated for completion in March 2023. There will also be a centralised wastewater collection and treatment plant.

 

Road safety

Myanmar also won a US$2 million (Bt72 million) Asia Development Bank grant to help improve road management and safety in the country. The grant is |for pavement repairs and upgrades and advising road safety policies.

 

Gruesome motel murder

Captain Myo Thwe from Kawkareik Light Infantry 310 Battalion was found dead at the Myanmar-Thai border city of Myawady. He had suffered blows to the right side of his head, his temple, the brow and jaw. A bloodstained hammer made in Thailand was found in the room.

 

Land expensive

The average price of one square metre of land in Myanmar is US$605 (Bt22,000), which is one of the highest rates among developing countries, said house.com.mm.