Insurance market will be open to foreign firms in 2017: ministry

The government is planning to open Myanmar’s struggling insurance industry to foreign firms early next year and free local players from an array of restrictions – part of a coordinated push to speed up liberalisation in a sector crucial to economic development, a senior government official told The Myanmar Times. “We’re going to speed up liberalisation, […]

Citizens Bank targets July listing

Myanmar Citizens Bank hopes to become the third company to list on the Yangon Stock Exchange in early July, managing director U Myint Win said yesterday. The bank has met the requirements set out by the exchange and hopes “to be listed as soon as possible”, he said. MCB was one of six companies that […]

Securities and Exchange Commission Chairman Steps Down

RANGOON — In a surprise move, the chairman of the Securities and Exchange Commission submitted a letter of resignation on Thursday to step down from his current post. Also Burma’s former deputy Finance minister, Maung Maung Thein has played an integral part in the Ministry of Finance for the past three years amid a series […]

Yangon Stock Exchange on Track for March Trading Debut

RANGOON — The Yangon Stock Exchange (YSX) is expected to begin shares trading by the second week of March, with dry-run testing already underway, an official from the Securities Exchange Commission of Myanmar (SECM) told The Irrawaddy on Monday. Though the YSX officially “launched” late last year with six companies listed, no shares have yet […]

Yangon Stock Exchange to open amidst suspicion

Many analysts believe the Yangon Stock Exchange, which will be fully operational by March this year, is opening with unfair advantages and possible conflicts of interests. The Yangon Stock Exchange (YSX) automatically entered the US sanctions blacklist as the Myanmar Economic Bank, an entity already sanctioned by the US Treasury Department’s Office of Foreign Assets […]

Savers stuck with bank deposits despite negative real rates

Bank accounts remain the most popular choice of investment for savers, despite inflation running higher than commercial banks’ deposit rates, said financial industry sources. Bank workers count cash in a branch in Yangon. StaffBank workers count cash in a branch in Yangon. Staff Sources at several commercial banks said there had been no decrease in […]

Trade at Yangon Stock Exchange unlikely to start until March 2016

Myanmar Vice President Nyan Tun marked the opening ceremony of the Yangon Stock Exchange (YSX) by ringing a bell on Wednesday with six local campanies listed. Yet officials say it is unlikely that any trading will take place until March 2016. Finance Minister U Win Shein said that YSX would only be open to Myanmar […]

Companies begin to feel the heat as import costs climb

Myanmar’s plummeting currency has prompted a vicious circle of rising prices in the import-dependent economy, in which even export-driven companies face rising costs, say businesspeople. New laws and regulations are urgently needed to control the kyat, they said, which has fallen by more than 25 percent to the US dollar this year to K1300 yesterday, […]

Ministry of Finance invites open tender to the bidders for Supply of IT Equipment; Closing Date: Dec 21, 2015

The Republic of the Union of Myanmar Modernization of Public Financial Management Project Credit No. 54020-MM/ Grant No.: TF017910/ Project Id.: P144952 Contract Title: Supply of IT Equipment: Desktop Computers, Laptop Computers, Printers Reference No.: MPFMp-MIAs-ICB-GS102, Lots 1 to 3 1. The Ministry of Finance, The Republic of the Union of Myanmar has received financing […]

KBZ responds to Global Witness report

In light of a report published last week on Myanmar’s jade trade, officials from Kanbawza (KBZ) Group say their reputation is unlikely to be tarnished. The research, by non-profit Global Witness, claims that the illicit jade industry was worth up to US$31 billion last year alone, and is controlled by networks of military officials and […]