Myanmar takes first steps to ramp up rice exports

Due to the region’s warm climate, double cropping or even triple cropping is possible in some areas. Not surprisingly, this helped make Myanmar one of the world’s top exporters, a position it held from the 1920s through the early 1960s But the military-led socialist regime that took the reins of power in 1962 tightened state […]

As Kyat Soars, Foreign Bulls and Burmese Bears Spar on Growth

RANGOON — The Burmese kyat has been the best-performing Asian currency against the US dollar so far this year, rising over 10 percent versus the greenback since January. While this trend has excited foreign investors, Burmese analysts remain skeptical about how well the currency’s buoyancy reflects the growth prospects of the real economy. Bloomberg News […]

In Burma, a Fine Line Between CSR and Karmic Cash

RANGOON — It was perhaps inevitable that Burma’s business sector would struggle with the idea of corporate social responsibility (CSR), operating in a country of high charitable giving and stark contrasts between its wealthiest and poorest citizens. At least in part, this stems from the reality that CSR, as a concept, has only caught on […]

Central Bank Eases Forex Access for Importers of Some Commodities

RANGOON — The Central Bank of Myanmar will allow the unrestricted sale of foreign currencies at official rates to importers of edible oil, fuel and cement, rolling back a policy that had limited withdrawals in an apparent bid to ward off supply shortages and a rise in the commodities’ prices. The state-run Global New Light […]

17 Factories Suspended After Polluting Lake in Central Burma

MANDALAY — The Mandalay municipal government has suspended operations of 17 factories in one of the city’s largest industrial zones, citing diminished fish populations caused by water pollution in Taungthaman Lake. A Water and Sanitation Department official told The Irrawaddy that the factories, which include sugar refinery, canning, liquor brewing and leather curing facilities in […]

Chinese Firm Joins Local Rice Miller to Bolster Industry

RANGOON — A Burmese rice milling company and the Chinese firm CAMC Engineering Co. Ltd. have signed a joint venture Memorandum of Understanding to improve the quality and capacity of rice milling operations in Burma, according to Thaung Win, the secretary of the Myanmar Rice Millers Association. Members of the Myanmar Rice Millers Association formed […]

Myanmar’s Leading Private Banks to Raise Saving Rates

YANGON — Some of Myanmar’s leading private banks are set to raise interest rates on savings accounts in the hope of attracting new savers, according to Bankers. Four of the country’s 20 private banks—Kanbawza (KBZ) Bank, Asia Green Development Bank, CB Bank and Myanmar Apex Bank—are said to be planning to set rates for savings […]

Myanmar’s rice revival uncertain

Scant stocks, weak demand dent Myanmar’s hopes of rice revival. Shrinking global demand, poor infrastructure and hesitant investors could leave Myanmar far short of its rice export target this year, dealing a blow to its ambitions of competing with the world’s top shippers of the grain. Industry experts and government officials say the 3 million-tonne […]