Financial system to struggle despite sanctions relief

Amendment to US sanctions against Myanmar aimed at supporting economic growth still leave an array of barriers to trade between the two countries. Effective yesterday, the United States removed three state-owned banks from its blacklist of Specially Designated Nationals (SDNs), and added two military-owned lenders to a general licence that allows financial transactions with those […]

Military-linked tycoons claim political middle ground

Despite decades of benefiting from connections within the military and ruling Union Solidarity and Development Party (USDP), many of Myanmar’s leading conglomerates have claimed to be politically neutral.   Spokespeople for some of the country’s most successful companies including Asia World, Htoo Group, Kanbawza (KBZ) Group and Max Myanmar said as private businesses they had […]

United Amara frets bank run as owner’s father blacklisted

United Amara Bank has moved to head off a potential bank run after U Aung Thaung, father of its majority owner U Nay Aung, was placed on the US blacklist. U Aung Thaung is a former Minister of Industry and a sitting member of parliament. The United States Treasury placed him on its blacklist on […]