Next change for new-look MIC? Independence

The Myanmar Investment Commission is to be made independent of the Ministry of National Planning and Economic Development in the near future, the body’s new secretary told The Myanmar Times last week following a reshuffle that saw it expand from 11 to 13 members. “The MIC will become independent like the Central Bank. But we […]

Exchange rate fluctuation smooth as USD falters

Moderate depreciation of the US dollar against Asian currencies over the past three months has resulted in marked improvements for the kyat, which has appreciated as much as 2.42 percent against the greenback since mid-February. According to official exchange rates in Yangon, the value of the kyat against the dollar has grown from K988 on […]

Electricity issues to threaten big industry

With another summer approaching, Yangon industrial estates are again facing the prospect of massive power outages that owners expect will cost industrialists hundreds of thousands of dollars in profit, while hurting the commercial capital’s efforts to bolster an investor-friendly reputation. In the summer months of March to May 2013, factories had as little as three […]