Forex-starved lenders ask Central Bank for policy shift

Private financial institutions want the use of Nostro accounts — held in a foreign country and denominated in the currency of that country — to become mandatory for banks making import payments on behalf of clients, according to sources at private banks. The Yangon Foreign Exchange Market Committee submitted the policy request to the Central […]

Myanmar Millennium Group and Atos sign for banking services

In another sign Myanmar’s financial services industry is moving forward, French digital services firm Atos has made its market debut through a partnership with Myanmar Millennium Group (MMG), with the two businesses signing a memorandum of understanding on October 17. The link-up, which will bring Atos’ banking service offering to Myanmar, connects the foreign IT […]

AYA Bank to take a digital turn: Zaw Zaw

AYA Bank is going to focus on internet and electronic banking, and is planning to extend its cashless payment network, according to the bank’s chair U Zaw Zaw. The bank introduced internet banking and other IT services last year, and has since added international financial reporting systems for more effective auditing, he said. “We want […]

Dollar price to remain stable, says finance chief

The dollar price may remain stable due to the balance between supply and demand on the streets and official markets, according to Mya Than, chairman of Yangon Foreign Exchange Market Committee. Some traders say the dollar price may go up due to the Central Bank of Myanmar’s (CBM) preparation for abolishing the interest rate, the […]

Black market dollar rate drops after CBM pressure

The exchange rate for the US dollar is going down on the black market as the Central Bank of Myanmar (CBM) applied pressure on private banks not to manipulate the market, according to private banks and black market dealers. The CBM warned the private banks on November 19 not to influence the dollar exchange rate […]

Kanbawza Bank opens its 300th branches in Yangon

Kanbawza Bank opened its 300th branch in Myanmar on Bogyoke Road in Yangon, placing Kanbawza at the top of the list of private banks with the most branches in Myanmar, sources say. Kanbawza opened over 260 branches before August 2014 and opened the rest between August and November of this year. The saving amount is […]

Myanmar’s Leading Private Banks to Raise Saving Rates

YANGON — Some of Myanmar’s leading private banks are set to raise interest rates on savings accounts in the hope of attracting new savers, according to Bankers. Four of the country’s 20 private banks—Kanbawza (KBZ) Bank, Asia Green Development Bank, CB Bank and Myanmar Apex Bank—are said to be planning to set rates for savings […]

Private Banks need to prove they are clean as only 12 out of 22 in the top taxpayers list

Of the 22 private banks in Myanmar, only 12 have been listed as top taxpayers, according to the Ministry of Finance and Revenue. According to documents covering the 2011-2012 fiscal year, only 10 private banks are included on the official top 100 income taxpayers list. Only 12 private banks are included on the official top […]

Private banks impose extra charge on international money transfers

YANGON—Several of Myanmar private banks are charging nearly Ks 15 (US$0.015) per US dollar on international money transfers in addition to the transfer service fee, raising concerns among the local business people. “I usually work with my export earnings deposited in United Amara Bank, Asia Green Development Bank and Kanbawza Bank, especially for importing cars,” […]

Myanmar makes progress in int’l payment card launching

Consult-Myanmar welcome you to the 27th SEA Games Myanmar, 11-22 Dec 2013 Myanmar launched Easi Travel Master Card Monday to facilitate its citizens traveling abroad in payment and the first ever event signified the progress of its banking industry. The Easi Travel Master Card was launched by the private-run Cooperative Bank (CB) with the cooperation […]