Pounded to Gold
Brexit has been making international headlines as it grips world financial markets with political and economic uncertainty. Its impact on Myanmar although limited due to Myanmar being detached from world capital markets is still being felt; local gold prices have soared in tandem with the world gold market and the Kyat has appreciated sharply, 8.5% against the Union Jack's currency: ![](https://img1.daumcdn.net/relay/cafe/original/?fname=https%3A%2F%2Fci3.googleusercontent.com%2Fproxy%2FC9GWzw_HqsOh87UDllCOkYtPLy6fOmyHWkD1S5cB8tWEkuh--3eXmNgVTFPxU6qj_9P195MXMFtzHrLS4wKqxFLgo6s9PmJVADesclPsc09aouZH55RhKG2GZl5qb5YjjKmM%3Ds0-d-e1-ft%23http%3A%2F%2Ffiles.ctctcdn.com%2F388ac5f8301%2F62fa2bad-a8c5-4dce-b1b9-53e98a9ece03.png) As global investors sought safety in gold, local gold prices have also risen as any gap will not be sustainable due to gold traders buying locally to sell at higher prices abroad. The Pound has also depreciated against most major world currencies as well as against the Kyat. For the same time period, US dollar has also been weakening relative to the Kyat and this suggests that local investors have switched ship to gold rather than to US dollars. |
Business & Investment Myanmar moved off money laundering watch listInter-governmental body the Financial Action Task Force (FATF) has removed Myanmar from its list of states deemed weak in combating money laundering and terrorist financing, which experts think should make international banks more comfortable doing business with the country. Read more
China eyes Myanmar garment industry: Hong Kong trade report Chinese garment factories are interested in investing in Myanmar due to the country's cheap labour and market potential, according to a report by the Hong Kong Trade Development Council. Read more
Real estate market slowdown helps dent FMI annual profits First Myanmar Investments (FMI) published its annual financial results yesterday, showing a severe drop in net profits. The great bulk of the fall was down to a group restructuring the previous year, although a "stagnant" property market also hurt the firm's bottom line. Read more Gold prices bounce back to record high post-BrexitMyanmar gold prices have hit fresh record highs after a UK vote to leave the European Union (EU) sent the metal's price soaring on world markets. Read more
Yangon airport T1 gets first foreign tenant Yangon International Airport's shiny new terminal has been almost empty since it opened in March - hosting only the country's flag carrier Myanmar National Airlines. But space and facilities are becoming increasingly important for the raft of foreign firms aiming to add Myanmar routes, and the first international airlines are starting to move in. Read more
MTSH shares bounce back post-results The second of Myanmar's two Yangon exchange-listed firms has posted annual financial results. Myanmar Thilawa SEZ Holdings (MTSH) announced a large jump in profits and a higher dividend and saw its share price strengthen after a recent slump. Read more |
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| - GDP - USD 59.4Bn
- GDP Growth - 8.5%
- Population - 51.41Mn
- Inflation - 8.39%
- Bank Deposit - 8%
- Bank Lending - 13%
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July- 1 | 1,179.0 | June-30 | 1,181.0 | June-29 | 1,182.0 | June-28 | 1,184.0 | June-27 | 1,184.0 | Wk Change % | -0.42% |
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The Ronoc Myanmar Investors News Letter informs current and prospective Myanmar-related investment professionals on the recent business news highlights from Yangon, adding in-depth, contextualised analysis from the ground.
In addition to this News Letter, we also offer cutting edge Consulting and Advisory Services including bespoke Research Reports covering areas from industry specific, political, economic and investment analysis. Feel free to contact us to further discuss these opportunities. Sincerely, Oliver Belfitt-Nash |
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Ronoc is an investment and advisory firm established in 2007. We specialise in emerging markets, retail banking and have offices in New York, London, Dublin, Yangon and Ulaanbaatar. Through our extensive experience of working and investing in the emerging markets, we have developed strong local networks and tailored strategies for operating in challenging political and economic settings. |
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