Loan scheme hinders SME growth

The availability of loan is one of the major challenges for development of Small and Medium-sized enterprises (SMEs) in Mandalay region, according to a talk on the challenges of the SMEs. Head of Mandalay Region SME Department said: “The major challenges of SMEs in Mandalay are: capital, technology, market penetration, access to information and infrastructural […]

JICA to lend US$100m to local SMEs in 2018-19

Japan International Cooperation Agency (JICA) will lend 11.5 billion Japanese yen (K151.685 billion) to small and medium-sized enterprises (SMEs) in the fiscal year of 2018-19 through domestic banks. This decision was officially announced on September 5. The JICA’s Official Development Assistance (ODA) two-step loan will be managed by state-owned Myanma Economic Bank under its SME […]

At least five more years needed for Myanmar to go cashless

Myanmar’s cash dependent economy has become a burden on the government’s coffers in recent years and a widespread adoption of an electronic payment system in the country is needed. Yet, experts say it could take a minimum of five more years for society to go cashless. “It costs the government money to print cash and […]

Mandalay city to seize low-cost apartments flipped by owners

The Mandalay City Development Authority will seize apartments that have been resold and re-rented in low-cost housing buildings for squatters, a senior city official has said. U Kyaw San Myint, a member of the authority, said his office is compiling a list of people occupying the buildings on Strand Road west of Mandalay city. City […]

UMFCCI suggests four points for the country’s economy

Zaw Min Win, President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) submitted the four-point suggestion to Myanmar State Counsellor Aung San Suu Kyi. On August 27, Myanmar State Counsellor Aung San Suu Kyi held a talk with local entrepreneurs at Nay Pyi Taw. The four points are: export promotion, […]

Construction sector to submit draft Apartment Law to parliament

The Myanmar Licensed Contractor Association (MLCA) has drafted a proposed Apartment Law to address a regulatory gap in the property sector. Its aim is to generate more demand and create a market for apartments in Myanmar. The MLCA’s Apartment Law seeks to regulate apartment buildings developed on land areas of less than 20,000 sq ft. […]

HAGL Myanmar introduces Myanmar Centre Business Suites ( Serviced Offices)

HAGL Myanmar has entered the leading serviced office market with the launch of its Myanmar Centre Business Suites in Yangon on 14th July, Friday 2017 at Myanmar Centre Office Tower. Strategically located on Kabar Aye Pagoda Road, in the heart of Yangon City, Myanmar Centre Business Suites is easily accessible and maintains an optimum distance […]

Children’s rights bill inconsistent over child labour regulations

Sections within the draft law are inconsistent over the minimum working age, and child employment in many sectors remains unregulated A children’s rights draft law introduced to Pyidaungsu Hluttaw on July 7 fails to address inconsistencies between existing domestic laws regarding child employment and the legal minimum working age. The bill does not tackle grey […]

Pay Hike for Civil Servants Unlikely

Hopes for a pay rise this month will likely remain a pipe dream for civil servants, according to an official from the Ministry of Planning and Finance. The ministry official said no recommendation on increasing the salaries of civil servants had been made during the parliament meeting to discuss the Union budget, denying rumours that […]

Parliament passes Financial Institutions Law

After years of back and forth, the Banks and Financial Institutions Law of Myanmar has been passed by parliament and is now awaiting the president’s signature, with banks to face more stringent rules on raising paid-up capital and on reserve requirements. Lenders will have to keep 5 percent of customer deposits as cash with the […]