Myanmar’s Economic Growth to Recover, Inflation to Moderate in FY2016 – ADB

Myanmar’s positive political developments and structural reform programs will help foster economic growth and investment, says a new Asian Development Bank (ADB) report launched today. In its Asian Development Outlook (ADO) 2016, ADB forecasts Myanmar’s economic growth to recover to 8.4% in fiscal year 2016 (ending 31 March 2017). The country’s economic growth eased to […]

Floods take a toll on domestic economy

Commodity prices have spiked with the flooding of hundreds of thousands of acres of farmland, hitting domestic consumers in the pocketbook. Experts are calling for a coordinated government and private sector response to ensure the spike does not get out of control. U Ko Ko Gyi, a member of the Pyithu Hluttaw from Mandalay Region […]

Real Estate Deemed Safe Haven as Kyat Tumbles

The free-fall of the local currency Kyat in recent months is having an impact on the real estate market as buyers keep putting their money into properties to hedge inflation, realtors say. Kyat has fallen drastically since September last year – when it was trading around K970 for a US dollar – and was hovering […]

Central Bank Bites Down on Dollar Use, But Does it Have Teeth

The Central Bank of Myanmar (CBM) has recently issued a notice that requires businesses and government agencies to use Kyat for payments inside Myanmar, even for foreign investors. This move is intended to raise the value of the Kyat by restricting foreign currency use for internal payments, according to a CBM official. The currency has […]

No let-up in illegal bus fare hikes

Fare-gouging is the worst problem in Yangon public transport, the head of the region’s transportation regulatory body said yesterday. Passengers are complaining that they are sometimes charged double the posted fare at night, or in heavy congestion. U Hla Aung, chair of the Yangon Region Supervisory Committee for Motor Vehicles, better known by its Myanmar […]

K10,000 Notes to Get a Makeover, CBM Move Stokes Inflation Worries

A new series of 10,000 kyat notes will be issued starting July 1, according to an announcement by the Central Bank of Myanmar (CBM). The new notes have been designed to improve quality, raise security standards, and prevent counterfeiting, according to CBM. A new shade of reflective green will be used for the numeral 10,000, […]

Taxi drivers say traffic and rain forces fare increase

Last week, the head of Yangon’s transportation regulator revealed that unscrupulous bus conductors were demanding extra money from passengers at night, in heavy rain, or in congestion. U Hla Aung, chair of the Yangon Region Supervisory Committee for Motor Vehicles, better known by its Myanmar acronym Ma Hta Tha, said overcharging was the most common […]

Trade deficit to rise but inflation the concern

The trade deficit will reach K4 trillion (US$3.9 billion) by the end of next financial year, says Minister for National Planning and Economic Development U Kan Zaw. Inflation is also pegged to average 6.83 percent in 2015-16 compared year-on-year, though could rise as high as 8.11pc by March 2016, he added. U Kan Zaw revealed […]

Officials monitor inflation as new bills enter market

An updated K5000 note will enter circulation on October 1 in a bid to fight counterfeiting, but authorities say they are being careful to make sure the move will not upset the money supply and lead to inflation. The plan is to gradually introduce the new note, which appears similar to the existing red–coloured white […]

Myanmar’s upper house passes bill to control inflation

The Burmese parliament’s upper house passed a bill on Friday calling on the government to adopt policies that will control monetary inflation. Upper house representative Myint Kyi, a Yangon MP, submitted the proposal on Friday, and parliamentary members, including the government’s Central Bank deputy-governor Khin Saw Oo, debated it. Khin Saw Oo said that fiscal […]