Car import business marred by fraudulent dealings

However, the chief of the unit, U Myint Cho, said the rate of importation had fallen from about 20,000 per month last year to the single-figure thousands this year. “From that point of view the system has been reasonably successful,” he said. Alarmed at the almost constant congestion that developed in Yangon following the liberalisation […]

Black market for currency exchange in the crosshairs

Experts say that distrust over formal currency exchange dating back to the previous military government and more recent problems with exchange rates has kept the black market alive – though authorities are claiming they are preparing to take action. The government is planning a crackdown on those continuing to trade currencies without licences in an […]

Buyers face difficulty as currency exchangers withhold dollars

People seeking to buy US dollars have faced difficulty in recent weeks because exchange counters in local banks have refused to sell US dollars at the market rate, instead keeping them with the expectation that their value will soon increase. “I tried to buy some dollars for my trip abroad this morning. I couldn’t get […]

Dealers stop selling dollars

US dollars are only available on the black market as domestic banks and official currency exchange counters with licences from the Central Bank of Myanmar (CBM) have stopped selling. Ko Thiha, a trader at Yuzana Plaza and Mingalar market, said: “It’s been a month since I could buy dollars at the government’s official exchange counters. […]

Black market dollar rate drops after CBM pressure

The exchange rate for the US dollar is going down on the black market as the Central Bank of Myanmar (CBM) applied pressure on private banks not to manipulate the market, according to private banks and black market dealers. The CBM warned the private banks on November 19 not to influence the dollar exchange rate […]

Telenor Myanmar is set to switch on in Mandalay

Telenor Myanmar is ready to sell millions of SIM cards in order to avoid a shortage and prevent black-market sales, as the service will kick off tomorrow in Mandalay. “Our SIM cards will be available in more than 1,500 stores in Mandalay … All SIM cards can be used at 11am on Saturday. Within weeks […]

MPT to take action against dealers if they break agreements

Myanmar Posts and Telecommunications (MPT) will take action against its SIM card dealers if they force sales of Ks 1,500 SIM cards, handsets or top-up cards, sources from MPT say. MPT has assigned 13 companies and shops to sell its SIM cards. More than 30 companies applied for wholesale dealer status from MPT but the […]

Black market persists for Ooredoo SIMs

While Ooredoo SIM cards officially went on sale last week at K1500 per card, consumers in Yangon and Mandalay have reported that a black market selling cards at inflated rates has already sprung up. Reports from Yangon and Mandalay indicate that the average price for SIMs is K5000, with some going as high as K40,000. […]

Bus ticket price soar ahead of the Burmese New Year (Thingyan) starting 12th April 2014

As the water festival approaches, bus passengers on the Yangon-Mandalay route are getting soaked. In what some say is a tradition as venerable as drenching passers-by with water, ticket prices have soared, with some more than doubling in price as the holiday looms, customers complain. The K8000 price of a ticket from Yangon to Magwe […]

Prolonging IP law will hurt business, experts say

The government will need to exercise haste in improving outdated intellectual property (IP) laws and developing a framework for enforcing those laws if the country wishes to not drive away possible investors uncertain of losing their products to the black market, experts warn. Current intellectual property law, which dateS back to 1914 with the enactment […]