Myanmar has suspended the issuance of license plates for illegally imported cars
Zaw Min Tun, spokesperson of the Myanmar National Management Commission, said at a press conference on July 1 that issuing license plates to illegally imported cars violates existing laws and affects the legal sales of cars, which is equivalent to encouraging Illegal imports, therefore, the authorities will suspend the issuance of license plates for illegally imported cars.
Previously, more than 6,000 illegally imported cars were approved by the Myanmar State Peace and Development Council to issue license plates after paying a fine of 85% of the vehicle price.
The authorities stipulated that the import of private cars would be suspended except for special circumstances such as the import of buses and sports cars.
Myanmar needs to repay US$700 million in debt each year.
Zaw Min Tun, spokesperson of the State Administration of Myanmar, said at a press conference on July 1 that Myanmar’s annual debt repayments to domestic and foreign countries are as high as US$700 million.
Zuo said that from the 2011/12 fiscal year to the 2018/19 fiscal year, Myanmar's total domestic and foreign debt reached 16 trillion kyat and 5 trillion kyat respectively.
Zuo said that borrowing is increasing every year, mainly because the government has over-sold national debt and exceeded its ability to repay the debt.
In addition, the previous government relied on imports for a long time instead of encouraging domestic production, which led to the economic recession.
Myanmar GDP fell by nearly half as early as the 2019/20 financial year.
The current government is working hard to solve the problems faced and is committed to the recovery of Myanmar's economy.
Some products exported from Muse need to be settled in U.S. dollars
The Trade Department of the Ministry of Commerce of Myanmar, Muse City 105 Code Trade Zone, issued an announcement on July 2. According to the decision of the Myanmar Foreign Currency Regulatory Commission meeting, starting from July 1, the export of rice, Beans, corn and oil crops must be settled in U.S. dollars, and export prices must be based on seaborne export prices.
The Myanmar Ministry of Commerce stipulates that income from exports to Europe must be remitted within 45 days, and from Asia within 30 days to the Bank of Myanmar.
The import and export license is valid for 1 month.
Warm reminder: If you want to import or export materials, please go through the procedures with the agent in advance, otherwise things will get messy.
The picture below shows the fertilizer import process
The Ministry of Commerce of Myanmar temporarily banned the export of oil crops on May 8, 2022. If you need to export oil crops, you must obtain approval from the Office of the Minister of Commerce.
