US rate hike puts spotlight on importers

The US Federal Reserve raised interest rates for the first time since 2006 yesterday – an event long-feared by developing economies. Myanmar is better protected from the potential fallout than many, although the country’s reliance on imports leaves it exposed to a strengthening dollar. The Federal Reserve increased the Federal Funds rate – the rate […]

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 […]

Sales to rise, prices to fall, say Yangon real estate agents

Real estate is likely to bounce back in 2016 after more than a year of depressed sales, while prices will fall as new supply comes online, said investors and agents. Following a relatively smooth election, the volume of transactions will be “back to normal”, they said, referring to last year when the industry was thriving. […]

Steering Yangon clear of urban disaster

Smart urban planning will determine Yangon’s future and – if the government gets it right – could be worth tens of billions of US dollars. U Thant Myint-U, founder of non-profit Yangon Heritage Trust (YHT), said yesterday that urban policy planning will determine whether or not Yangon will have a multi-billion-dollar-a-year tourism industry. “It will […]

Central Bank of Myanmar prepares action plan to stop dollar payments

While the kyat predominates in most domestic transactions, foreign currencies are still widely used. Many tourism businesses targeting foreigners deal in foreign currency, while importers and exporters make extensive use of dollars, and international companies often prefer their own currencies. Letter 904/2015 from the Central Bank of Myanmar’s Foreign Exchange department posted to its website […]

BTMU’s First Three Months Dealing Dollars in a Land of Kyat

Three months ago, Bank of Tokyo Mitsubishi UFJ (BTMU) won a race by hours to become the first foreign bank to have a branch in Yangon on April 22 this year. In the three months since, the financial behemoth has struggled with the kyat, but has overall found workarounds to the country’s schizophrenic economy. Like […]

Buyers face difficulty as currency exchangers withhold dollars

People seeking to buy US dollars have faced difficulty in recent weeks because exchange counters in local banks have refused to sell US dollars at the market rate, instead keeping them with the expectation that their value will soon increase. “I tried to buy some dollars for my trip abroad this morning. I couldn’t get […]

More insurers to get green light for US dollar services

More insurance firms will be allowed to offer services in US dollars if they can meet the same requirements that were met by the four companies that have already received approval to offer such services, according to Dr Maung Maung Thein, chairperson of the Insurance Business Supervisory Board. The government has given the green light […]

MYANMA OIL AND GAS ENTERPRISE: Invitation for open tender (Dec 9, 2013)

Subscribe to our Tender Alert. We send out email alert on Tender and EOI as it happens. THE REPUBLIC OF THE UNION OF MYANMAR MINISTRY OF ENERGY MYANMA OIL AND GAS ENTERPRISE (INVITATION FOR OPEN TENDER) (15/2013) Open tenders are invited for supply of the respective items in United States Dollars   Sr.No Tender No […]