Bandwidth Tender Suspended Again

The tender for a 2600MHz licence has been suspended yet again due to objections from two major telco players, Ooredoo and Telenor. “We will call tender for two types of frequencies. 2600MHz will be offered first, then 1800MHz will be next. Any spectrum licence holder can apply for 2600MHz. Detailed information will be released soon,” […]

NLD leader’s next challenge: the bureaucracy

Staff in the four ministries soon to come under Daw Aung San Suu Kyi’s management have welcomed her appointment, telling The Myanmar Times they hope she can accelerate administrative reforms in the civil service. But analysts and insiders have cautioned that she will face myriad challenges in cleaning up the bureaucracy and upholding promises of […]

CBM buys dollars to ‘reduce panic’

The Central Bank has bought over US$40 million dollars from private lenders in just five days to “reduce panic and prevent volatility”, a Central Bank official told The Myanmar Times, while banks this week once again imposed limits on foreign exchange due to volatility. Private banks started their sudden net transfer of dollars to the […]

Surging kyat closes foreign exchange desks

  Local banks suspended foreign currency exchange services yesterday as the kyat surged in value against the dollar, with financial industry sources variously pointing the finger at political speculation, market rumours and a lack of clear Central Bank policy. The kyat strengthened to K1248 against the dollar yesterday, according to the Central Bank’s rate, after […]

AGD Bank prepares IPO as profits drop

Asia Green Development Bank is preparing to launch an initial public offering, or IPO, on the soon-to-open Yangon Stock Exchange (YSX), though profits are down substantially on last year. The bank’s net profit was K112.6 million for the 2014-15 fiscal year, far lower than K9.6 billion the previous year, officials said at the fifth annual […]

Central Bank issues anti-money laundering guidelines

The Central Bank of Myanmar (CBM) has published guidelines for financial institutions on managing the risks of money laundering and terrorist financing. Guidance on customer due diligence for banks, finance companies and money changers, will also be announced soon, said Daw May Toe Win, director at the Central Bank’s financial institutions regulation and anti-money laundering […]

Illicit capital flows into Myanmar soar

The report, by US non-profit Global Financial Integrity (GFI), looks at illicit capital flows in Myanmar between 1960 and 2013. It finds that despite a number of political and economic changes since 2010, unlawful inflows – mostly due to misinvoicing – are growing fast. GFI estimates that US$18.7 billion flowed illegally out of Myanmar over […]

Central Bank to limit payments to only the kyat

The Central Bank of Myanmar is moving to strengthen the kyat’s use in the local economy, eventually pushing the country’s hotels, restaurants and shops to list prices only in the local currency. It has issued a letter directed at government ministries and regional governments, stating they must use only local currency for charges as well […]

German Industry and Commerce Delegation Launches in Myanmar

The Delegation of German Industry and Commerce has launched its operation in Myanmar in a bid to boost business and bilateral ties between the two countries. The office will be co-funded by the Association of German Chambers of Commerce and Industry (DIHK) and the German Ministry of Economic Affairs and Energy, the Delegation said in […]

Experts warn on black money flowing into stock market

Care needs to be taken to prevent illegal money flowing through the planned Yangon Stock Exchange, or it risks its reputation as a reliable place to do business, according to experts. The exchange is slated to launch in October, marking Myanmar’s first modern stock market, though a number of rules governing the market are still […]