YCDC Takes Aim at Unlicensed Hostels

Yangon City Development Committee says it will take action against people operating unlicensed hostels catering to locals. Hostels have become increasingly popular among locals who struggle to afford the rent in Myanmar’s largest city. Ma Kay Thi lives in a private hostel on Anawrahta Road where she pays K35,000 a month. “There are about 20 people in […]

NLD Lawmaker Claims Foreign Workers are Flouting Visa Regulations, Harming Local Interests

RANGOON — National League for Democracy (NLD) divisional lawmaker U Than Naing Oo called on the Rangoon Division government to investigate the legal status of foreign workers in the city, who he believed were flouting visa regulations and harming local interests. In the Rangoon Division parliament on Thursday, U Than Naing Oo, who represents Pabedan […]

Ks 1 bn earmarked for drainage system in 13 Yangon townships

The Yangon Region government will allot Ks 1 billion to improve drainage systems in 13 townships, including six downtown townships. MP Than Naing Oo from Pabedan Township said: “Our township administrator told me that Ks 1 billion will be allotted to install working drainage systems in 13 townships. The government will allot money to flooded […]

Two Japan Banks First Foreign Banks to Open Myanmar Branches

Japan’s two top banks are set to open branches in Myanmar this week, becoming the first foreign banks to set up shop in the country: a place viewed by many as one of the “last frontiers.” Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp. will open branches on Wednesday and Thursday in the center […]

Central Bank raises exchange rate to meet the market price

The Central Bank of Myanmar has rapidly increased its rate for US dollar-kyat conversion over the last week, nearly catching up with the market rate. The Central Bank had left its official rate at K1027 per US dollar since February, though the rate charged by most money lenders and increasingly by commercial banks had climbed […]