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Central bank may intervene to stabilise exchange rates: Vice governor

. The Central Bank of Myanmar (CBM) is planning to take additional measures to further stabilise the foreign exchange market, vice governor U Soe Min said in Parliament on Monday. The new measures may include it intervening in the foreign exchange market, the Myanmar Times understands. The move comes on the back of a recent […]

Central bank official submits resignation over Parliament remarks

U Soe Thein, deputy governor of the Central Bank of Myanmar (CBM), submitted his resignation on Tuesday after the CBM saw fit to publicly clarify comments he made about the banking sector in Parliament last week, according to unconfirmed comments by an MP from the Pyithu Hluttaw’s Banking and Financial Development Committee. The MP added […]

Growing mobile penetration gives Myanmar fintech a big boost

Financial technology services in Myanmar have boomed following an increasing number of mobile users, according to a report from Fitch Solutions Macro Research. The rise in mobile subscribers began after the government opened up the telecommunications sector in 2014, though enforced supportive regulations and point-of-sale (POS) payment solutions are still lagging behind. Fitch Solutions, a […]

Latest CBM ruling seen as setback for cashless transactions

An announcement from the Central Bank of Myanmar (CBM) disallowing the use of prepaid cards in the local currency is a step backwards for cashless transactions, industry observers said. The CBM, which made the announcement on July 25, said prepaid cards with a limit of US$5,000 issued by local banks in partnership with foreign financial […]

CBM again issues detailed rules to banks

The Central Bank of Myanmar has reiterated its commitments to ensuring stronger enforcement of banking rules and regulations in the country. On March 25, the CBM again issued instructions covering five directives on banking governance and statistics. To strengthen the country’s financial sector, Financial Institutions Law was introduced January 2016. CBM has now five detailed […]

Myanmar Tourism Bank expands reach to support sector

Myanma Tourism Bank will open three branches in Yangon, Mandalay and Nay Pyi Taw within the next two months, U Zin Ko Ko, deputy head of the small and medium-sized enterprise (SME) department at Myanmar Tourism Bank told The Myanmar Times. Myanmar Tourism Bank is one of five sector-specific banks granted a banking license by […]

As banking opens up, Yoma Bank finds niche in SME loans and mortgages

With the Central Bank of Myanmar (CBM) having issues a slew of directives liberalising the Myanmar banking and financial sector over the past 24 months, chief executive Hal G Bosher is beginning to see positive opportunities for Yoma Bank in the years ahead. “The CBM has been implementing reforms to bolster confidence in the industry […]

The emergence of Suukyinomics

State Counsellor Aung San Suu Kyi’s National League for Democracy (NLD) administration in Myanmar has been heavily condemned by international policy analysts for its absent economic vision and lack of a tangible policy on minority management. But it seems now there is a plan: Suukyinomics, a brand that began with the announcement on 28–29 January […]

QR code payment system set to launch this year

The Central Bank of Myanmar is set to implement a standardised national payment system by this year, says CBM Vice Governor U Bo Bo Nge. Daw Than Than Swe, director general of the CBM’s Financial Institutions Regulation Department, said to the Myanmar Times that the system will cover international payments, mobile wallets and all mobile […]

Bankers seek clarity over foreign equity in Myanmar banks

The latest regulation by the Central Bank of Myanmar (CBM) permitting foreign institutions to invest up to 35 percent in local banks has been well-received by the banking and financial industry. However, experts have flagged the need for further clarity in its provisions. U Than Lwin, senior advisor to KBZ Bank, said the CBM should […]