Export earnings rise in 2014-15 FY

Myanmar’s total export earnings for this fiscal year exceeded US$970 million more than last year’s earnings, according to the commerce ministry. Between April 1 and February 6, Myanmar earned more than US$4.8 billion from exports, including natural gas and finished industrial products. In the same period in the 2013-14 fiscal year, Myanmar’s total export earnings […]

Economic reforms gain momentum

It’s been almost four years since President Thein Sein came to power and launched his reform programme. This year sees Myanmar attempt to connect to the global economy. The economic reform is a long road ahead that requires strong efforts from both the government and private sectors. There is some progress, especially in the liberalisations […]

Skyrocketing commodity prices will affect millions

Basic commodity prices rose at the end of November due to the appreciation of US dollar throughout the month and the news that salaries of parliamentarians and civil servants will be increased. Critics say that the government must address these two causes in order to reverse the hike in the commodity prices. The greenback hit […]

Central Bank Reduces US Dollar Sales to Private Lenders

YANGON — The Central Bank of Myanmar has sharply reduced its sales of US currency to private banks since late October, according to banking industry sources. Since the end of last month, the Central Bank has decreased its sales of US currency by around $3 million per day, in the face of a strengthening US […]

Myawady border trade down by US$12 million

The Myawady town on the Myanmar – Thai border has recorded over US$33 million in total trade volume over the last two months, according to the department of commerce and consumer affairs. US$2.8 million has been earned from Myanmar exports and over US$30 million had spent on imports between April 1 to May 30 this […]

Myanmar’s emerging rich

As Myanmar’s economy steadily grows, a higher percentage of Yangon’s population are finding themselves with more cash to spend. Imported products from Thailand and Hong Kong can be seen on display in downtown shopping malls – something that would have been impossible two years ago as foreign goods were banned under the military junta. Big […]

Electricity Rate Hike Could Hurt Competitiveness, Raise Consumer Prices

YANGON — Last week, Parliament approved a government proposal to introduce a long-expected hike in electricity prices per April 1. Business sector representatives now warn that the measures will undercut the competiveness of Burmese industries and lead to a rise consumer prices. Under the new plan, for households using under 100 kilowatt hours, or units, […]

Burma to Allow Foreign Banks to Begin Some Operations Next Year

Ground clearance and basic infrastructure preparation work has begun on an industrial estate inside the Thilawa Special Economic Zone, said the Japanese Kyodo News agency. A ceremony marking the start was attended by Japan’s Mitsubishi Corporation, Marubeni Corporation and Sumitomo Corporation plus nine Burmese business partners and Naypyidaw government representatives, said Kyodo. Mitsubishi, Marubeni and […]

Myanmar garment exports soar following EU trade pact

Garment exports have surged since the European Union admitted Myanmar into its generalised system of preferences last April, opening up European markets. According to U Aung Myint, director of SMC garment manufacturing and member of the Myanmar Garment Manufacturers’ Association, Myanmar exported US$400 million worth of garments from May through July, on pace to surpass […]