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 […]

Myanmar’s financial sector still weak, say experts

Myanmar’s financial sector is still weak compared with other economic development sectors, said experts from home and abroad at the Seminar on Myanmar’s Economic Transition; Issues and Options held in Yangon on Nov 30. Tin Win Aung, chairman of Myanmar Institute of Economic Graduate Association said, “One of the weak sectors among others is the […]

Japan & Singapore big winners in foreign banking licence award

9 foreign banks have been awarded preliminary Foreign Banking License on 1st October 2014. The award of the banking licence also shows the influence that the countries that the banks come from – in financing development and trade in Myanmar with the rest of the world. The big winner is Japan with 3 banking licences. […]

Myanmar’s Central Bank Urges Investors to be Patient

YANGON — Myanmar’s central bank confirmed it will continue to take a measured approach to economic liberalization, despite facing criticism that the country is taking too long to unshackle its financial sector. Speaking to foreign companies, investors, government officials and others at a conference last week in the country’s capital, Naypyidaw, Set Aung, the bank’s […]

Yoma’s Serge Pun Sees Long Road to ASEAN Integration

YANGON — Myanmar-focused conglomerate Yoma Strategic Holdings Ltd said Southeast Asia needs to work exceptionally hard to realize a balanced, European Union-style integration of such disparate economies. Yoma is listed in Association of Southeast Asian Nations (ASEAN) member Singapore whose advanced island-state economy contrasts with that of fellow member Myanmar, rich in gems and natural […]

Gov’t, IFC ink deal to improve Myanmar’s investment policy

YANGON—The International Finance Corporation (IFC) has signed a memorandum of understanding (MoU) with Myanmar’s Ministry of National Planning and Economic Development to support its efforts to improve the country’s investment policy and regulation framework. “This will make it easier to do business in Myanmar and help stimulate domestic private sector growth and attract sustainable foreign […]

Myanmar’s SMEs Uneasy Ahead of Asean Trade Zone

YANGON — Lamenting high domestic interest rates and Myanmar’s relative inexperience in the competitive global marketplace, small and medium enterprises (SMEs) in Myanmar are wary as 2015 approaches, when implementation of the regional Asean Economic Community (AEC) is expected to drop barriers to trade in Southeast Asia. The government and private sector have collaborated on […]

Myanmar Firms Feel Pinch From Abroad

YANGON, Myanmar—The world’s biggest consumer companies are flocking to Myanmar, filling the once-pariah nation and its backward economy with goods previously unavailable to its 60 million people. But not everyone is happy. Some of the country’s biggest conglomerates—plugging away at the cash-strapped market for decades and fighting hard to grow despite crippling Western sanctions—are now […]