Parliament passes Financial Institutions Law

After years of back and forth, the Banks and Financial Institutions Law of Myanmar has been passed by parliament and is now awaiting the president’s signature, with banks to face more stringent rules on raising paid-up capital and on reserve requirements. Lenders will have to keep 5 percent of customer deposits as cash with the […]

U.S. temporarily lifts trade restrictions on Myanmar shipping hubs

The United States is temporarily easing trade restrictions on Myanmar by allowing all shipments to go through its ports and airports for six months, an effort to boost the Southeast Asian country’s opposition party after its landmark election win in November, U.S. officials said on Monday. The policy change, coming after Aung San Suu Kyi’s […]

Malaysian telco issues $500m Islamic bond for Myanmar towers investment

Malaysian telecoms giant Axiata Group on November 13 issued a US$500 million Wakala Sukuk, or Islamic bond, to fund its investment into a Myanmar towers business. This is the largest-ever corporate bond issued with proceeds to be invested into a Myanmar towers business, demonstrating considerable investor confidence in the frontier market. Telecoms towers companies have […]

Yoma Bank and ICBC to facilitate cross-border business

Yoma Bank’s Chief Business Officer, Daw Khin Mu Mu Myint, and the Industrial and Commercial Bank of China’s (ICBC) General Manager of the Yangon Branch, Mr. Jiang Yun, have signed an agreement facilitating the direct flow of trade-related funds between Myanmar and China according to a Yoma Bank media release on 9 September. ICBC has […]

Denmark Writes Off $51m Myanmar Debt

Denmark cancelled Myanmar’s debt worth $51 million last week in a string of debt cancellation from Western governments and financial institutions over the last two years, a sign of normalising relations between the West and the once-banished Southeast Asian country. During a visit to Myanmar’s capital Nay Pyi Taw, Danish Minister for Development Cooperation Rasmus […]

Ayeyarwady ATMs in Myanmar accept MasterCard, Maestro/Cirrus

Myanmar’s Ayeyarwady Bank has announced that its automated teller machines will accept cash withdrawals by customers using MasterCard and Maestro/Cirrus cards. This means more ease and convenience for the million visitors expected to converge on Myanmar during the 27th Southeast Asian Games to be held in Nay Pyi Taw from December 11-22. AYA Bank has […]