မႀတ္တမ္းမႀတ္ရာ လုပ္ေဆာင္မႁ
Myanmar introduces e-payment system for export-import formalities
Myanmar has introduced an e- payment system to manage export-import formalities to facilitate traders in the country engaged in international trade, authorizing a special private bank in Yangon to handle the e-transaction, a local weekly reported in its latest issue.
So far, 10 private trading companies engaged in the export and import activities have opened their accounts at the Myanmar Citizen Bank authorized by the government for the purpose, the Flower News said.
The Myanmar Citizen Bank, which is now handling the export and import transactions, was transformed from a public bank, in which the Ministry of Commerce holds a stake of 55 percent.
The Myanmar Citizen Bank stands one of the 15 private banks in the country at present.
The ministry is also encouraging the exporters and importers in the country to join shares of the Myanmar Citizen Bank which is becoming an export financing institution for them.
There have been also Myanmar Livestock Breeding and Fishery Development Bank, Myanmar Agricultural Development Bank and Myanmar Industrial Development Bank for respective entrepreneurs.
At present, the state-owned Myanmar Foreign Trade Bank is generally and mainly handling foreign currency transactions along with some private banks authorized for such transactions, while the Myanmar Investment and Commercial Bank deals with foreign investment in the country.
Meanwhile, the Myanmar commerce authorities has urged over 10, 000 registered private trading companies in the country to function fully to boost foreign trade.
According to official statistics, Myanmar's foreign trade hit 5.5 billion US dollars in the fiscal year 2005-06, which ended in March, registering a new record high in 17 years since 1989 when the country began to move to the market-oriented economy.
With the total trade volume going up by over 12 percent from the previous year's 4.9 billion dollars, the export during 2005-06 reached 3.554 billion dollars, up from 2.9 billion dollars in the previous year, while the import was valued at 1.9 billion dollars, making not much difference comparatively.
During the year, a trade surplus of 1.6 billion dollars was gained with over 60 percent more than 2004-05's 954 million dollars.
Statistics also show that, in 2004-05, the private sector accounted for more than 85 percent in its exports and more than 80 percent of the gross domestic product which grew to 12.2 percent in the year from 12 percent in the previous year.
Source: Xinhua
People's Daily Online