Central Bank manoeuvres rise in kyat value

The value of the Myanmar kyat has risen due to the efforts of the Central Bank of Myanmar, according to Xinhua News Agency. The kyat value rose gradually starting from the beginning of this year following a year of declining value compared to the US dollar, according to local money changers. On 2 April, US$1 […]

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 […]

Sparse starting point for first New City

Driving northeast from East Dagon township along Number 2 Main Road, the city of Yangon fades away and is replaced by rice fields and idle land. The area is dotted with a few small villages, but given the distance between the area and downtown Yangon, it is thinly populated and underdeveloped. Other than this low-cost […]

Thilawa interest coming from Japan

Over half of the 42 companies that have committed to building in Thilawa special economic zone are Japanese firms, according to U Myint Zaw, general manager of Myanmar Japan Thilawa Development. While there are currently no factories up and running at the site, construction is moving forward and some of the factories ought to be […]

Central Bank Needs More Independence: MP

The Central Bank of Myanmar still can’t carry out many basic tasks without government intervention despite the enactment of the Central Bank Law, which allowed the financial regulatory body more freedom, a member of the parliament said. The Central Bank of Myanmar (CBM) Law was signed by the president, U Thein Sein, on July 11, […]

Liquor licence fees set to rise

Restaurants and shops selling alcohol will face higher annual licensing fees this year from the Ministry of Home Affairs General Administration Department, according to government officials. U Than Lwin, head of Yangon’s Seikkan township General Administration Department, said a proposal has already been sent to parliament, while his department had notified all liquor vendors in […]

Banking on Myanmar’s Future

YANGON — Kanbawza (KBZ) Bank has weathered some severe storms since it was established in 1994, but now stands as Myanmar’s largest privately owned financial institution, with an estimated 94 billion kyat (US$94 million) in capital. Its founder, Aung Ko Win, is a former teacher with close ties to now-retired Vice Snr-Gen Maung Aye, one […]

Foreign Bank Operations by 2014 “Unlikely”

Foreign banks will be allowed to operate financial services in Myanmar, but this issue is still under discussion and no exact time has been set, a top official from the Central Bank of Myanmar said. “We are still holding dialogues about the issue [of foreign banks operating in Myanmar]. The reports that foreign banks will […]

Local banks want partners in order to build capacity

With some foreign banks expected to begin operating in 2014, bankers are increasingly looking to the government and finance organisations to get them up to speed Despite continued efforts on the part of local banks to upgrade services ahead of the anticipated inclusion of foreign competition, bankers claim that they will require outside help in […]