Sales to rise, prices to fall, say Yangon real estate agents

Real estate is likely to bounce back in 2016 after more than a year of depressed sales, while prices will fall as new supply comes online, said investors and agents. Following a relatively smooth election, the volume of transactions will be “back to normal”, they said, referring to last year when the industry was thriving. […]

Myanmar to allow exports and imports of gold

NEW DELHI (Scrap Monster): According to Than Htun Aung, Myanmar’s Deputy Minister for the Ministry of Mines, the country will introduce a new mining law that will allow exports and imports of gold . The meeting of representatives held at the Union parliament session has recommended making the precious metals import and export legal under […]

Ministry of Mines threatens gold debtors with penalty

The companies have signed mining contracts with the state which provide for in-kind payments of gold, he said. The gold – a total of 200 viss, which equates to 20,000 ticals or 10,540 troy ounces – is owed from contracts starting in the 2007-08 financial year. Yesterday, internationally gold was at US$1119 a troy ounce, […]

KBZ Eyes Niche Market with Credit Card

Local lender KBZ Bank has launched Myanmar’s first credit card recently, eyeing to tap into big businesses and high-income individuals’ needs for credit card in the country. Launched late last month, there were 500 applicants at the beginning, which has grown in its first week to 600, according to KBZ officials. U Nyo Myint, managing […]

Gold Demand ‘Remains High’

Purchasing gold has long been a way for Myanmar people to accrue secure savings, particularly in the absence of an efficient banking system. Today the gold market remains steady in a country with still-limited access to financial services. U Kyaw Win is the secretary of the Myanmar Gold Entrepreneurs Association, senior vice president of the […]

Gold rush at Shwedagon as donations soar

Generous donors are showering Shwedagon Pagoda with gold. The nation’s premier religious site, and its most popular tourist destination, is to receive 16,000 new gold plates this year instead of the 4000 its trustees had expected. The gold surface of the great pagoda is refurbished every four years to counteract weather damage. The surge in […]

Gov’t to Issue Permits to Small Timers to Control Illegal Mining

The government is considering granting permits to small time miners through township administration levels to curb illegal mining activities, according to the Ministry of Mines. The ministry intends to include the provision in a planned amendment current mining law, U Kyaw Thet, a director at the ministry, said, adding that necessary assessments will be conducted […]

Ministry to Compensate Mining Firms

The Ministry of Mining said it will compensate the companies that had to halt operation in Kachin state by extending permit periods. The government allowed jade mining operations to resume in Kachin state on September 1 after operations were suspended in May 2012 due to an armed conflict. The move comes as a response to […]

Miners Face Permit Delays As Parliament Debates New Bill

Myanmar’s mining enterprises are facing delays in receiving permits after a newly proposed bill aimed at relaxing the central government’s exclusive control over mining operations in the country stirred debate in the parliament. The Mineral and Resource Committee of the Upper House recently drafted a new mining bill and submitted it to the Lower House. […]

Bombs aimed at scaring foreign investors away from lucrative areas of country

YANGON – A series of bomb blasts in Myanmar over the past week was intended to scare away foreign investments in the country, authorities said on Friday. Since Oct 9, there have been at least 10 small explosions or attempted bombings that have killed two people and injured several, including an American woman who sustained […]