BRT Lite Share Sales Re-start

Yangon Public Bus Company – operator of the new Bus Rapid Transit (BRT) Lite bus routes – has started a second round of shares sales, while the government has extended the application deadline for firms interested in rolling out the BRT system city-wide. The government set up Yangon Public Bus Company last year, using a […]

Ambitious target set for upcoming bond auctions

The government has set an ambitious target for its upcoming Treasury bond auctions next month, aiming to sell about K1.85 trillion (US$1.53 billion) in debt, to account for 60 percent of its domestic borrowing for this year’s budget, a senior official from the Central Bank told the Pyidaungsu Hluttaw last week. Speaking during a parliamentary session […]

Banks Reminded to Accept Foreign Currency in ‘All’ Conditions

RANGOON — The Central Bank of Myanmar is encouraging patrons to lodge complaints if they have been turned away by banks for trying to exchange US dollars that are not in mint condition, according to an official from the Foreign Exchange Management Department. Until recently, currency exchange points would only accept US bank notes if […]

Yangon stock exchange to open to foreign investors

The Securities and Exchange Commission of Myanmar is preparing to allow foreign investors to access the new Yangon Stock Exchange and for local-foreign joint ventures to list, chair U Maung Maung Win said. An “appropriate” number of joint venture companies will be given permission to go public as soon as the new Myanmar Companies Act […]

Citizens Bank targets July listing

Myanmar Citizens Bank hopes to become the third company to list on the Yangon Stock Exchange in early July, managing director U Myint Win said yesterday. The bank has met the requirements set out by the exchange and hopes “to be listed as soon as possible”, he said. MCB was one of six companies that […]

Central Bank eyes electronic auctions

  The Central Bank is hoping to move its daily foreign exchange auctions to an electronic system before the end of the year, according to U Win Thaw, head of the bank’s Foreign Exchange Management Department. Myanmar’s private sector lenders bid to buy or offer to sell dollars in exchange for kyat at daily auctions. […]

CBM to monitor Myanmar investment overseas

The Central Bank is hoping the new government will support a law that requires all residents with overseas bank accounts to submit regular reports to the monetary authority, which would allow it to collect better data on capital flows, offshore holdings and Myanmar investment overseas. Under the Foreign Exchange Management Law, residents and companies are […]

MPU Card reaches 1.8 million users

THE number of MPU credit card users has reached 1.8 million people in Myanmar. The Myanmar Payment Union credit card can be used to make direct payments from a Myanmar bank account. “Electronic bill payment systems appear more often in the financial matters of local enterprises and can contribute to economic development,” said U Zaw […]

Mobile money regulations released

The Central Bank of Myanmar has released regulations on mobile financial services, widening a market previously limited to banks to include non-banking financial institutions. The Central Bank announced yesterday that it had issued rules on mobile financial services at the end of last month to build an enabling regulatory framework for efficient and secure mobile financial services […]

Max Myanmar’s Zaw Zaw: ‘I am ready to play any Part’

Zaw Zaw is the chairman of Max Myanmar Group of Companies, one of Burma’s biggest conglomerates, with interests in the country’s construction, hotel, real estate and agricultural sectors. He also intends to expand his banking business under the new National League for Democracy (NLD) government, but remains on a US blacklist, preventing American companies from […]