Mizuho Bank Open for Business

Japan-based Mizuho Bank has opened their first branch in Yangon on August 3, marking the bank’s official entrance into the country. The lender is one of the largest financial services company in Japan, with over $1.6 trillion in assets. It was one of nine international banks that received licences in October last year to operate […]

Beans and pulses exports damaged but not stopped by floods

The flow of beans and pulses exports will continue even if volumes are reduced by recent devastating floods, according to U Min Ko Oo, secretary of the Myanmar Pulses, Beans and Sesame Seeds Merchants Association. The Myanmar Rice Federation has suspended rice exports until mid-September to assist local consumers and prevent a price spike, though […]

Central Bank to limit payments to only the kyat

The Central Bank of Myanmar is moving to strengthen the kyat’s use in the local economy, eventually pushing the country’s hotels, restaurants and shops to list prices only in the local currency. It has issued a letter directed at government ministries and regional governments, stating they must use only local currency for charges as well […]

First-ever finished and cut-gem market to open in early November

Myanmar’s first-ever finished and cut-gem market will open in the compound of Myanma Gem Museum in Yangon in early November, according to Myanmar Gem and Jewellery Entrepreneurs Association. The association had intended to open the finished and cut-gem market in October this year. “We had proposed to open the market in October this year. And […]

IFC provides local bank US$ 5 million for trade financing

YANGON—The International Finance Corporation announced on Tuesday that it has provided a US$ 5 million trade finance facility to locally-owned Myanmar Oriental Bank Limited that will allow the bank to help local companies increase their imports and exports, generate more foreign exchange, and create jobs. This facility will enhance MOB’s capacity to cover the payment […]