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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 […]

Central bank to issue official remittance licences soon

The Central Bank of Myanmar (CBM) will grant official remittance Llicences to authorised money changers within two months, CBM Deputy Governor U Bo Bo Nge told the media on Wednesday. The move is expected to curb illegal remittances and the informal flow of foreign currency into the country under the Hundi, U Bo Bo Nge […]

Hayman Capital receives US$2 million debt capital from Symbiotics SA

5th February 2019, Yangon. Hayman Capital Co., Ltd has signed US$2 million term loan from a Switzerland social impact investor, Symbiotics SA. All regulatory approvals from the Central Bank of Myanmar and the Financial Regulatory Department of the Ministry of Planning and Finance have been received and the fund has been disbursed to support the […]

Central Bank Allows Yen, Yuan Transactions

The Central Bank of Myanmar on Wednesday announced that it will now allow the Japanese yen and Chinese yuan to be used as a settlement currency for international payments and transfers. The move came after Chinese investors urged the Ministry for Investment and Foreign Economic Relations to reform Myanmar’s foreign currency exchange policies during the […]

Local banks permitted to extend more mortgages

Local banks have been permitted to allocated 5 percent of their total loan portfolio towards mortgages not exceeding three years, the Central Bank of Myanmar (CBM) said in a statement on Tuesday. The CBM’s aim is to generate more growth and development in the local banking sector and create more opportunities for people to own […]

Credit bureau to be up and running within next 12 months

Myanmar will start collecting and providing credit data after a new credit bureau opens in the next 9-12 months, after which banks will be in a better position to offer loans to a larger volume of businesses, said U Zaw Lin Aung, chair of Myanmar Credit Bureau Ltd. Myanmar Credit Bureau yesterday signed an agreement […]

Foreign banks allowed to set foreign currency loan interest rate

The Central Bank of Myanmar (CBM) said foreign banks are free to set their own interest rate as long as those loans are in foreign currencies. Foreign banks with branches in the country are now allowed to do wholesale banking services and other financial services, according to the latest Directive issued by the CBM last […]

Central Bank provides new details on foreign-bank directive

Foreign banks will be allowed to expand their branch networks in Myanmar next year, according to two senior officials of the Central Bank of Myanmar (CBM) yesterday. “More foreign bank branches will be allowed next year. Foreign banks can no longer be blocked from doing business in Myanmar because the local banks are not developed […]

Laxer Rules of Foreign Banks to Spur Trade, Central Bank Says

The Central Bank of Myanmar said its decision last week to let foreign banks operating in the country lend and provide other services to domestic companies will help exporters limited by local lenders finance their trade with the rest of the world. “We expect that they [foreign banks] will mainly provide foreign currency to the […]