Zayar Aung, head of cards at CB Bank, said Myanmar had enjoyed annual growth in cards usage over the past four years thanks to the growing number of automated teller machines (ATMs). “Four years ago, we only had less than 100 ATMs. Now, there are nearly 3,000 ATMs across the country,” he told the Myanmar […]
Myanmar Payment Union to Upgrade ATM Card System
August 8, 2016 by
RANGOON — The Myanmar Payment Union (MPU) signed with Vietnamese telecom multinational FPT and the National Payment Corporation of Vietnam (NAPAS) on Sunday to initiate a financial switching system, Zaw Lin Htut, chief executive officer of the MPU, told The Irrawaddy. As MPU’s partners, FPT and NAPAS will—starting this year—help facilitate a system upgrade for ATM […]
Banks Reminded to Accept Foreign Currency in ‘All’ Conditions
July 18, 2016 by
RANGOON — The Central Bank of Myanmar is encouraging patrons to lodge complaints if they have been turned away by banks for trying to exchange US dollars that are not in mint condition, according to an official from the Foreign Exchange Management Department. Until recently, currency exchange points would only accept US bank notes if […]
CBM buys dollars to ‘reduce panic’
March 14, 2016 by
The Central Bank has bought over US$40 million dollars from private lenders in just five days to “reduce panic and prevent volatility”, a Central Bank official told The Myanmar Times, while banks this week once again imposed limits on foreign exchange due to volatility. Private banks started their sudden net transfer of dollars to the […]
Tay Za-Owned Hotel Barred from Hosting Political Trainings
February 24, 2016 by
RANGOON — A hotel owned by Burmese business tycoon Tay Za in the country’s capital has been warned by the Naypyidaw Council against sponsoring trainings for political parties. The notification letter, signed by Col. Min Naung of the council and addressed to Htoo Construction Development Group, stated that 10 companies had in the past been […]
Surging kyat closes foreign exchange desks
February 11, 2016 by
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 […]
Yangon Stock Exchange to open amidst suspicion
February 4, 2016 by
Many analysts believe the Yangon Stock Exchange, which will be fully operational by March this year, is opening with unfair advantages and possible conflicts of interests. The Yangon Stock Exchange (YSX) automatically entered the US sanctions blacklist as the Myanmar Economic Bank, an entity already sanctioned by the US Treasury Department’s Office of Foreign Assets […]
Yangon Stock Exchange to Launch in December
December 3, 2015 by
The Yangon Stock Exchange is set to launch on Dec. 9, an official said on Monday, after three years of preparations to modernize Burma’s financial sector. Addressing CEOs and executive directors of ten underwriting firms, Chairman of the Securities and Exchange Supervisory Committee and Deputy Finance Minister Maung Maung Thein said the exchange, known as […]
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