Home Automobile Regime bans vehicle imports aiming to reduce foreign currency needs

Regime bans vehicle imports aiming to reduce foreign currency needs

The Department of Trade under the Ministry of Commerce announced that it has stopped issuing import permits for vehicle imports starting from October 1st aiming to reduce foreign currency needs as the country’s economy is stalling and export has dropped.

According to the announcement, the junta will stop issuing permits for the importation of private use vehicles and the consignment importation program, vehicle imports by sale centers and showrooms, and vehicle import for civil servants.

Moreover, the department also announced that it will also ban the opening of new auto sales centers starting from October 1.

“More people are buying vehicles since a few weeks ago when rumors about banning car import ban emerged. The other factor that people are buying cars is the depreciation of Myanmar Kyat and they are buying cars hoping to make a profit,” Dr. Soe Tun, a vehicle importer and dealer told Myanmar Business Today.

The Myanmar Kyat against dollar rate has grown weak since April reaching K2,700-3,000 per dollar in late September compared to around K1,300 per dollar before the coup. The spokesperson of the military regime Major General Zaw Min said during the press conference held on September 30 that the regime will solve the Myanmar Kyat depreciation problem taking full responsibility.

- Advertisment -

Must Read

Myanmar to introduce paper gold

Yangon Gold Enterpreneur Association (YGEA) is working on innitiating Paper Gold scheme, which allows people to trade gold using the gold certificate issued by...