Summary of category ECN

2021

23 March

ECN The Central Bank of Myanmar notified banks that fail to reopen would be hit with penalties from 2 million to 30 million kyats per week.

 

29 March

ECN The US suspended all trade with Myanmar.

 

30 March

ECN The US Secretary of State called on international companies to cut ties to military-supported enterprises.

 

21 April

ECN The US Treasury sanctioned 2 state-owned enterprises, Myanma Timber Enterprise and Myanmar Pearl Enterprise.

 

1 May

ECN The military to 'normalize' post-coup economy: partially eased restrictions on Internet access and presented a plan to drop charges against prosecuted civil servants.

 

4 May

ECN The military received hundreds of millions of dollars from gas sales through a financial scheme linked to a pipeline exploited by French Total.

 

8 May

ECN The junta-controlled Investment Commission approved 15 projects, including a Chinese $2.5-billion natural gas power project, the biggest investment since the coup.

 

15 May

ECN Japan to provide $4 million through the World Food Programme for food assistance in Myanmar.

 

24 May

ECN MAH reassured Beijing that his regime will protect foreign-funded enterprises.

 

26 May

ECN Total promises to suspend cash payments linked to the Yadana gas pipeline, which Total operates through a joint venture with MOGE.

 

27 May

ECN Total and Chevron suspended some payments from a gas joint venture that would otherwise reach the military.

 

15 June

ECN The military to reopen the Russian-backed steel plant in Shan State closed 4 years ago, a project of MEC and a Russian state-owned company.

 

16 June

ECN The Confederation of Trade Unions took steps to file a class-action lawsuit against the junta to compensate over 70 000 government workers dismissed by the military junta.

 

17 June

ECN South Korea provided $ 900 000 to an UN-led humanitarian aid initiative for Myanmar.

 

23 June

ECN A massive auction of illegal timber on 23 and 24 June for the junta to line its pockets and fund the coup.

 

26 June

ECN The military sold metal worth at least US$51 million as it seeks to raise hard currency to fund its coup.

ECN MAH toured the factory of Kazan Helicopters, one of the largest military helicopter manufacturers in the world. They export to more than 100 countries, including Myanmar.

 

3 July

ECN China is making contingency plans to deploy troops to the border to protect (1) individuals privately investing mostly in Mandalay and northern Myanmar, (2) corporations investing in industrial estates and farming land, and (3) state-level investment in long-term developmental projects.

 

8 July

ECN Telenor sold its Myanmar business to the regime-linked Lebanese M1 Group, added to the Burma Campaign UK’s Dirty List in 2019, for just US$105 million (before the coup valued at several billion dollars) due to the junta’s recent demand to install software that would give security forces real-time access to users’ phone calls, SMS and data traffic (like state-owned MPT and military-linked Mytel are already doing).

 

15 July 

ECN Independent Economists for Myanmar warned of a twin electricity sector crisis: (1) A short-term financing gap because customers are not paying their power bills; (2) which could lead to high inflation if the junta is forced to increase the money supply to cover the financing shortfall. Authorities are trying to force people to pay bills by cutting off supply – the response of guerrilla groups is bombing electricity offices.

 

20 July

ECN Russia postponed the construction of an iron-smelting plant in Myanmar to 2023.

 

22 July

ECN In the MAKS-2021 aerospace exhibition, the head of the Russian state-owned arms company Rosoboronexport said that Myanmar is their main customer in SE Asia.

 

24 July

ECN The EU allocated € 2 million of financial support to independent humanitarian organizations to help fight the pandemic.

 

26 July

ECN According to the World Bank, Myanmar’s economy contracted by 18% this fiscal year.

 

30 July

ECN The military-controlled Central Bank of Myanmar sold nearly US$90 million since the coup as the kyat’s value tumbles.

 

10 August

ECN Mindat CDF offers K5 million reward to regime forces who defect to it with their weapons.

 

17 August

ECN The junta’s UEC announced plans to audit the financial records of Myanmar’s political parties, which may be used as a pretext to disband certain parties.

ECN Australian company, the largest investor in the Bawdwin lead, silver, and zinc mine in northern Shan State, announced that it sold all of its shares in the project and would be leaving Myanmar.

 

18 August

ECN A new report by the Independent Economists for Myanmar argued that mismanagement by the military triggered a full-scale banking crisis by (1) arresting 4 of Myanmar’s leading financial experts; (2) suspending 200 staff at the Central Bank; (3) stopping depositors from accessing most of their money; and (4) using threats to force people to place their cash into banks.

 

25 August

ECN China opened a section of a rail line, part of BRI, which will provide China with access to the Indian Ocean via Myanmar.

 

1 September

ECN German food giant Metro announced the termination of its operations in Myanmar by October.

 

7 September

ECN Telenor’s exit plan is proving a little difficult - the junta is reluctant to approve the sale of Telenor’s Myanmar subsidiary to Lebanese M1, which will delay M1's plan to invest $330 million over 3 years.

 

16 September

ECN Myanmar’s military regime auctioned off 12 500 tons of hardwood on 16 and 30 September as it seeks to raise hard currency.

ECN The kyat fell to an all-time low this week after the country's central bank reversed exchange rate regulations imposed in August.

 

20 September

ECN The Myanmar Foreign Ministry asked the Myanmar junta to increase security for Chinese projects in Myanmar including gas pipelines.

ECN An agreement to conduct preliminary field investigation work for the Kyaukphyu Special Economic Zone Deep Sea Port Project (part of BRI) was signed, signaling another step forward for the project.

 

29 September

ECN Myanmar currency dropped 60% in the last few weeks. As a consequence, the price of fuel more than doubled since the coup.

 

30 September

ECN During a press conference, military spokesperson Zaw Min Tun made a rare admission of culpability, saying the current government will have to take responsibility "for the economic crisis in Myanmar” because of the central bank’s inability to meet local demand for the dollar and the COVID-19 outbreak.

 

13 October

ECN 2 Chinese-backed power plants in Yangon halted operations since July as they have become financially unsustainable.

ECN British American Tobacco ceased operations in Myanmar, becoming the latest international company to leave.

 

18 October

ECN The Kempinski Hotel in Naypyitaw closed down, marking the latest blow to Myanmar’s decimated tourism industry.

 

19 October

ECN Among Myanmar’s emerging cronies with business ties to the military is Dr. Tun Min Latt of the Star Sapphire Group of Companies who brokered drones and aircraft parts for the Myanmar Air Force.

 

27 October

ECN India’s largest port operator Adani Ports and Special Economic Zone Limited said it would withdraw its investment in the military-owned Ahlone Port by June next year.

 

5 November

ECN NUG started selling bonds to fund the revolutionary movement against the junta.

 

7 November

ECN The NUG hit out at the Japanese government for funding the junta via a lucrative gas project (Nippon Oil Exploration Myanmar). The project has generated hundreds of millions of dollars in revenues since 2000.

 

9 November

ECN Plans by Norway's Telenor to withdraw from Myanmar by selling its telecom operations there to a Lebanese firm further stalled after the junta indicated it favored at least part-ownership by a local company.

 

10 November

ECN Campaigners called for stricter regulations to force electric vehicle makers like Tesla to vet their supply chains more thoroughly, since some metals used in electric vehicles may come from mines controlled by the junta.

 

12 November

ECN MAH met the Chairman of Russia-Myanmar Technological Cooperation Joint Commission and the Deputy Director-General of JSC "Rosoboronexport" Company in Naypyitaw. They discussed plans for further cooperation and Russian assistance in upgrading the Tatmadaw’s weapons.

 

16 November

ECN The military cut off power to factories, workshops, hotels, and businesses in Mandalay that refused to pay their electricity bills.

 

18 November

ECN The multinational beer giant Kirin preparing to take legal action by the end of this year in order to dissolve its partnership with a conglomerate owned by Myanmar’s military.

 

22 November

ECN NUG sold more than US$6 million worth of bonds in less than 12 hours.

 

24 November

ECN Justice For Myanmar (JFM) published an investigation revealing the companies selling gems on popular online platforms based in the US.

 

28 November

ECN Ayeyarwady Region Investment Commission approved 2 projects by Chinese investors to build cut-make-pack garment factories worth US$7.694 million.

 

29 November

ECN NUG’s Ministry of Planning, Finance, and Investment suspended selling treasury bonds because of high demand.

ECN Australia’s wealth fund, the Future Fund, had equity holdings valued at AUD$157,9 million across 14 publicly listed companies directly linked to the Myanmar military, according to new research by Justice For Myanmar.

 

10 December

ECN Myanmar resumed rare-earth trade with China after border reopening, to ease elevated prices.

ECN European CSOs have been pushing for a new round of targeted economic sanctions on sources of revenue to the military, but the EU has not announced yet whether it considers the 4th round of sanctions.

 

15 December

ECN According to Global Witness, despite gemstone mining being currently illegal (since all mining licences expired in 2020), it is funding the junta, including via major international brands. 

 

19 December

ECN Junta troops raided 2 jade trading compounds in Mandalay, detaining around 300 brokers and traders for selling jade via the online Chinese payment platform WeChat, which the military regime has banned. The junta-appointed Mandalay City Development Committee called for all trade to be conducted at its Maha Aung Myay market. However, many don’t dare to go there because they are afraid of both the military regime and the resistance groups that warned against trading at the official market to prevent the regime from receiving taxes. There have been 5 explosions near the market since it reopened.

 

22 December

ECN Myanmar will start accepting Renminbi as an official settlement currency next year for trade with China to restart several joint projects and forge closer economic ties with Beijing.

 

23 December

ECN Faced with record lows of FDI, the military regime is pushing China to restart several stalled infrastructure projects and to accelerate bilateral cooperation over the coming months.

 

7 January

ECN The regime announced new taxes on internet services and the registration of mobile SIM cards through an amendment to the 2021 tax law. Users have to pay an additional K20,000 to activate a SIM card, while internet service providers will be required to charge customers a 15% commercial tax (rather than the standard 5%).  

 

11 January

ECN Justice for Myanmar published a report revealing that US companies imported nearly 1 600 tonnes of Myanmar teak wood, despite sanctions.

 

18 January

ECN 3 electricity pylons supplying the China-backed Tagaung Taung nickel-processing plant in Sagaing Region have been blown up this month, forcing production to halt.

 

20 January

ECN Several donors donated K30 million to the Tatmadaw for activities to “protect race and religion”.

 

21 January

ECN The oil giants Total and Chevron decided to withdraw from Myanmar. In a letter to Human Rights Watch, TotalEnergies said it had spoken with French and US authorities about the implementation of targeted sanctions, and would “comply with” and “support” such sanctions. 

ECN Lebanon's M1 Group found a Myanmar firm to partner with to take over Norwegian Telenor's business in Myanmar.

 

26 January

ECN The NUG announced a blacklist of business owners allegedly supporting the military through the arms trade. 

 

27 January

ECN Australian energy firm Woodside announced its withdrawal from junta-run Myanmar.

 

7 February

ECN A Myanmar citizen filed a complaint with the Norwegian Data Protection Authority against Telenor Group in an attempt to stop the transfer of sensitive user data in the controversial sale of its Myanmar subsidiary to military-linked companies.

 

10 February

ECN Taiwan shipping giant Evergreen Marine said it would no longer send its ships to dock at a military-owned port terminal in Myanmar.

 

11 February

ECN The NUG’s acting president Duwa Lashi La called on the PM of Norway to intervene to prevent the sale of the Myanmar arm of Telenor to a junta-linked company.  

 

2 March

ECN An Iranian-owned cargo plane arrived at Naypyitaw and unloaded cargo that may have included raw materials for printing banknotes as well as ammunition. 

 

3 March

ECN The military turned to digital messaging accounts operated by nationalist supporters to target and track down opponents.

 

11 March

ECN Veteran democracy activist Min Ko Naing delivered a message on the importance of financially backing the revolution to topple the junta as a new scheme to generate funds will be launched by the NUG.

13 March

ECN NUG defense minister U Ye Mon said at an online fundraiser to mark Myanmar Human Rights Day that the ministry had so far received US$30 million to arm the PDFs under its command.

 

15 March

ECN The NUG defense ministry has developed a new donation structure in which Myanmar citizens at home and abroad are invited to donate money through a sort of sponsorship program. 

 

16 March

ECN TotalEnergies said Thai PTTEP would take over equity stakes in local units and resume some of its operations in Myanmar.

ECN A delegation led by junta Home Affairs Minister attended in Russia the “EXPOTECXNOSTRAZH-2022” from 16-18 March and discussed with a senior executive of Rosobonexport security products that can be used to combat “violence, drug and gang crimes.”

 

17 March

ECN There has been an influx of counterfeit cash, stemming from difficulties in printing physical money. With a significant cash shortage, an online black market selling fake currency emerged. 

 

18 March

ECN The junta gave the final approval for the sale of Norwegian Telenor's operations in the country to a local company and a Lebanese investment firm.

 

25 March

ECN MEHL was 6 months late in sharing profits with soldiers who were required to buy and maintain a stake in the conglomerate.

 

3 April

ECN The junta ordered that foreign exchange earned by locals must be converted into the local currency at the official rate within one working day (no-dollar policy).

 

4 April

ECN Japan and Singapore asked for exemptions to the no-dollar policy.

 

19 April

ECN There were long queues outside of gas stations in Yangon, Mandalay, Myitkyina, and Sittwe, over fears of a possible fuel shortage. The junta Ministry of Electricity and Energy released a statement that “a fuel shortage is impossible”.

 

20 April

ECN The junta-controlled Central Bank issued a new directive clarifying which businesses and organizations were to be exempt from the foreign currency ban, including its own ministries and 7 other entities, all listed here

 

26 April

ECN The US announced it will transfer US$1 billion to the NUG as soon as possible.

 

27 April

ECN The Central Bank released a statement aimed at assuaging the fears of traders importing or exporting goods to and from China and Thailand. The message confirmed that the regime’s no-dollar policy “has no effect” on border trade with either country.

 

29 April

ECN Malaysia's state energy firm Petronas said it has withdrawn from Blocks M12, M13 and M14 located in the Yetagun gas field off Myanmar, the latest exit by a major energy company since the coup.

 

1 May

ECN NGOs warn that Total Energies continue to fund the junta despite the fact that Total Energies and Chevron announced their planned withdrawal from Myanmar on 21 January.

 

5 May

ECN NUG started selling MAH's house for US$10 million. In the following 3 days, people bought shares worth US$2 million.

 

17 May

ECN Senior AA officer urges Rakhine people not to invest in the new town project in Gwa Township and to boycott military products. 

 

26 May

ECN Myanmar's central bank has ordered ministries and local governments not to use foreign currencies for domestic transactions, to help relieve pressure on the kyat currency.

 

2 June

ECN Telenor Myanmar rebranded itself as Atom following its sale to Lebanon’s M1 Group and Myanmar’s Shwe Byain Phyu (tied with the junta). 

 

3 June

ECN The NUG issued a statement criticizing the Hong Kong Economic and Trade Office for sponsoring an event at the military-linked Lotte Hotel in Yangon.

 

1 July

ECN The junta hosted a press conference to discuss Myanmar’s economic situation (fuel shortages, etc.) and the spokesperson Zaw Min Tun sent shockwaves when he said that negotiating with ASSK was “not impossible.”

 

14 July

ECN The Central Bank of Myanmar ordered companies to suspend repayment of foreign loans.

 

15 July

ECN Illegal rare earth mining controlled by a militia sponsored by the Myanmar military has increased by at least 5 times in Kachin State in areas along the border with China, while there has been a rapid influx of Chinese workers. 

ECN The price of pharmaceuticals has increased by 5 to 10 percent and some medicines are out of stock because of the red tape being applied in the application procedure for import permits. 

ECN The NUG Ministry of Planning, Finance, and Investment announced they would sell another estate of the MAH

 

20 July

ECN Ooredoo (a telecommunications company in Myanmar), plans to sell its operation and leave the country.

 

25 July

ECN The military reversed its position on accepting Thai baht and Chinese yuan for settling border trade transactions and ordered that the trade be carried out with US dollars at the official exchange rate set by the junta-controlled Central Bank of Myanmar, which forced local exporters to stop the border trade with Thailand and China.

ECN The NUG Ministry of Planning, Finance and Investment announced that they have received 8.5 million USD from the ongoing sale of MAH’s house with over 85% of shares having been sold. The house is priced at 10 million USD with shares being on sale by NUG since 5 May 2022.

 

31 July

ECN The NUG’s Ministry of Planning, Finance, and Investment (MoPFI) released a list of 8 companies from China and Singapore currently investing in Myanmar with the junta and reiterated its call for companies to suspend their active investment projects unconditionally.

 

5 August

ECN The NUG launched the 2nd sale of the MAH’s illegally seized property in Yangon to help fund its revolution, the property beside Inya Lake is valued at over $20 million. 

ECN The junta-appointed Central Bank of Myanmar officially depreciated the kyat further from K1 850 to K2 100 against the US dollar. 

 

8 August

ECN Myanmar’s central bank weakened its kyat currency from 1,850 to 2,100 per dollar.

 

12 August

ECN The junta formed a new committee to buy oil and gas from Russia, led by Lieutenant-General Nyo Saw. 

 

15 August

ECN Associated Press reported that the EU sanctions on the military-controlled MOGE have significantly cut the Myanmar military’s oil revenues, it led the Bank of China to withhold payments in euros to MOGE for payment of the gas from the Shwe gas pipeline to China. 

 

19 August

ECN The German multinational company, Beiersdorf, whose products include Nivea and Hansaplast, is leaving Myanmar.

ECN The kyat’s value dropped to a record low since the coup – the real cost of $1 rose to K3,100, way above the junta’s reference rate. The kyat’s depreciation sent fuel prices up.

 

30 August

ECN The kyat resumed its wild slide against the US dollar. No business wants to import goods at a great loss and some shops in Shan State were closed due to kyat depreciation. The Central Bank announced it will pump $200 million into the market to counter rising commodity prices.

 

7 September

ECN Myanmar has started buying Russian oil products and is ready to pay for deliveries in roubles. 

 

8 September

ECN Ooredoo sold its Myanmar operation to the Singapore-based Nine Communications firm for US$576 million, completing the exodus of foreign telecom companies from Myanmar.

 

20 September

ECN Myanmar was discussing with burgeoning ally Russia the use of its Mir bank card for payments.

 

2 October

ECN The import of vehicles has been temporarily suspended by the trade authority, as an effort to reduce the use of foreign currency.

 

12 October

ECN The Japanese firm Toyota Motor Corp has begun assembling autos in Myanmar after delays due to the coup.

 

13 October

ECN A Chinese-backed power plant opened in Rakhine State.

 

22 October

ECN Russian traders arrived to a jade and gems emporium in Naypyitaw, as the junta seeks to earn hard currency by selling the country’s jewels.

 

28 October

ECN The regime-controlled Central Bank announced that Myanmar migrant workers who send remittances via official banking channels will be rewarded K30 for every $1, or equivalent, remitted.

 

2 November

ECN China opened a new shipping route from Qinzhou Port (Guangxi) to Yangon, which takes 12 days. 

 

24 November

ECN The Australian Bank ANZ announced to withdraw its operations in Myanmar by early 2023. 

 

29 December

ECN MAH approved an additional military budget of more than 440 billion kyats (US$155 million) to fund his multi-front war.

 

15 January

ECN The NUG raised $100 million from selling bonds, auctioning the property of MAH and collecting taxes to oppose the junta.