Resuming high-rise projects face hurdles

High-rise building developers given the green light to resume construction after a ban imposed by the Yangon Region government in May say the unplanned disruption to their projects has led to significant financial and reputational losses. The freeze on high-rise construction began with an announcement on May 14, which Yangon City Development Committee – an administrative body […]

Rangoon Parliamentary Committee Lets Halted High-Rise Projects Off the Hook

RANGOON — A Rangoon Division parliamentary committee has recommended that the divisional government rescind modification orders delivered earlier this month to eight high-rise construction projects, after the developers petitioned the committee for a review. A high-rise review committee formed by the executive branch of the Rangoon Division government has reviewed more than 200 high-rise building […]

Yangon zoning plan to be drafted in three months

A zoning plan for Yangon will be drafted in three months, said Ye Min Oo, a member of the Yangon City Building Scrutinising Committee. “We will finalise drafting the zoning plan in three months. Then, the Yangon Region government will scrutinise it,” he said. Regional MP Sandar Min, who is also the chair of the Finance, Planning […]

Rangoon Govt Orders Safety Modifications to High-Rise Buildings Under Construction

RANGOON — Despite complaints from developers, a review committee for the construction of high-rise buildings has ordered safety modifications to 12 structures, stating that failure to follow Rangoon’s updated urban planning standards could cause harm to the city and its residents. This week the Rangoon divisional government ordered the developers of the buildings to reduce […]

Burma’s Central Bank Expected to Submit Monetary Policy

RANGOON — Burma’s Central Bank is expected to submit a new monetary policy during Parliament’s next session, which begins late this month, a lawmaker said. The Central Bank is currently working on a plan to allow foreign banks to operate in the country, a central part of the government’s reforms to modernize the long-isolated financial […]

‘We Are Worried That All Our Talented Employees Will Move’

Late last year, the Central Bank of Myanmar announced that they will allow some foreign banks to begin offering limited financial services in 2014. Thirty four international banks have opened representative offices in Myanmar after gaining Central Bank approval. The conditions under which they will be allowed to begin offering banking services remain unclear, however, […]

Credit Bureau Delayed by ‘Second Thoughts’ About Foreign Stake

YANGON — Although financiers in Myanmar have been trying since 2012 to form the country’s first credit bureau, concerns about how much foreign involvement in the process should be allowed have delayed their efforts, bankers said this week. The Central Bank of Myanmar aims to form the credit bureau to allow lenders to check the […]

Myanmar Tax Department Says 2,500 Tax-Evading Firms Named in Error

YANGON — The Myanmar government’s tax department has admitted that it mistakenly named nearly 2,500 companies as tax evaders. The Internal Revenue Department (IRD) on March 6 published a list of 10,670 companies that it said had failed to pay taxes for the 2012-13 fiscal year, which ended in March 2013. The list included well […]

Myanmar Payment Union Plans to Form Public Company

YANGON — Myanmar’s only card payment system, the Myanmar Payment Union (MPU), plans to become a public company before the end of this year, MPU general secretary Ye Min Oo said on Tuesday. Founded in 2011, MPU’s members include 18 local banks, three of which are state-owned. MPU set up the first ATM card payment […]

CB Bank to Issue Prepaid Debit Cards for Domestic, International Use

Burma’s Central Bank has given private lender Cooperative Bank the green light to issue internationally accepted prepaid debit cards, a senior Central Bank official said this week, in a first for the country’s antiquated financial system. The “Easi Travel” prepaid card was made available this week for pre-order, and holders-in-waiting are being told the cards […]