Myanmar’s tourism boom faces manpower challenges

Tourism is booming in Myanmar. Over the past five years, visitors have been pouring into the country, after it shook off its image as a “pariah” state with the establishment of a quasi-civilian government and, for the first time in more than half a century, an administration under new leadership this year. Tourist arrivals surged […]

Mandalay commodity traders pessimistic of 10 % deposit

Mandalay Commodity Depot Society has introduced a 10 per cent deposit system to prevent cheating, said an executive committee member recently. The new system that requires the advanced payment of 10 per cent of the transaction price was instituted on 1st November. But some society members expressed concerns about its effectiveness and about the lack […]

Myanmar grants operating licenses to four more Asian banks

YANGON – Myanmar has granted operating licenses to four Asian banks, bringing to 13 the number of foreign banks allowed to conduct business in the previously isolated country. Bank for Investment and Development of Vietnam, State Bank of India, Taiwan’s Sun Commercial Bank and South Korea’s Shinhan Bank were granted preliminary licenses, Myanmar’s Foreign Bank […]

Banks need incentive to take grain instead of gold

Two domestic banks have agreed to offer loans backed by commodities, allowing farmers to pledge items like beans and pulses as collateral for access to competitively priced financing for the first time. However, the appeal of warehouse receipt financing may be limited, as capped interest rates mean the lenders have little incentive to take on […]

Sri Lanka’s Commercial Bank begins Myanmar operations with opening of Yangon office

June 10, Yangon: The Commercial Bank of Ceylon opened its representative office in Yangon on Monday, 8th June, formally launching its operations in Myanmar, initially to offer Advisory Services to Sri Lankan and Bangladeshi businesses wishing to enter that country, and to arrange Banking and Advisory facilities, funds transfer and encashment services. Commercial Bank is […]

Dollar reaches Ks1,171

The dollar has now reached Ks1,171 on the unofficial markets, sources report. The rate of the dollar increased on June 2, leaping from Ks1,152 on June 3 to the current value. The Central Bank increased its reference rate to Ks1,105 from Ks1,097. It installed a limiter on May 27 that restricted exchanges to US$5,000 per […]

Local banks fret foreign rivals

Domestic banks fear that international lenders opening branch offices in Myanmar will pursue an aggressive strategy and poach the best local clients, but commentators believe this is unlikely to happen, for now. Between April and September, nine global banks will open branch offices in Yangon, becoming the first foreign institutions to undertake active commercial operations […]

BTMU Eyes Raising Banking Professionals’ Competencies

The Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU) announced that it will fund the development of a learning centre at the Myanmar Institute of Banking (MIB), the training arm of the Myanmar Banks Association (MBA). The Japanese bank said the learning centre will be equipped with the latest computer equipment and training resources, and the centre […]

Myanmar targets 4.5m tourists in 2015

The Ministry of Hotels and Tourism has set an ambitious target, aiming to draw 4.5 million foreign visitors this year. The visitors are expected to spend US$2 billion in the country. According to Myo Win Nyunt, a director, the ministry has been busy enlarging travel zones and making other infrastructure improvement to help tourists. “The […]

Gem Traders to Establish Bank

The Myanmar Gems and Jewellery Entrepreneurs Association is preparing to establish a bank for the purpose of allowing greater oversight to combat money laundering, said chairman U Yone Mu. “The inspection of bank accounts will be done by the government. We have a plan to open a bank not only in Yangon but also in […]