US/MMK Exchange Rate On The Move

THE US-dollar exchange rate to MMK experienced a fall from K1,300 in 2015 to K1,100 until last April but has risen to K1,260 again recently. The rising US dollar exchange rate to MMK has led to higher prices for imported goods and local consumers have to buy imported commodities at higher prices but it is […]

First South Korean Lender Starts Myanmar Ops

Shinhan Bank, South Korea’s fourth-largest bank by assets, has set up a branch in Myanmar as part of its diversification strategy. The bank said it won final approval to start operations in Yangon from the Central Bank of Myanmar on September 15. This marks the first time for a South Korean lender to set up […]

Bank flags commerce ministry relationship risk ahead of YSX listing

Myanmar Citizens Bank – soon to be the first lender listed on the Yangon Stock Exchange – named its reliance on the Ministry of Commerce as a major risk to its business model in disclosure documents published last week. The ministry, which founded MCB in 1992, has reduced its holdings in the lender to around […]

Banks Reminded to Accept Foreign Currency in ‘All’ Conditions

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 […]

Myanmar rice price falls as Chinese demand slows

Rice prices are falling in quiet rainy-season trading, as a weaker yuan makes Myanmar exports to the world’s second-largest economy less competitive and arrests in China in connection with the rice trade discourage buyers across the border. U Thein Zaw, chair of the Mandalay rice trading centre, said on July 5 that the price of […]

Telenor to roll out 4G in Myanmar as soon as summer

YANGON — Telenor Group will launch fourth-generation cellular service in Myanmar as early as this summer, Petter Furberg, CEO of the Norwegian carrier’s local arm, told The Nikkei. Telenor Myanmar is testing 4G in four cities. The rollout will begin when more spectrum becomes available, Furberg said. Myanmar’s government plans to hold an auction for […]

As Kyat Soars, Foreign Bulls and Burmese Bears Spar on Growth

RANGOON — The Burmese kyat has been the best-performing Asian currency against the US dollar so far this year, rising over 10 percent versus the greenback since January. While this trend has excited foreign investors, Burmese analysts remain skeptical about how well the currency’s buoyancy reflects the growth prospects of the real economy. Bloomberg News […]

Kanbawza Bank Will Be The First Myanmar Bank to Open International Representative Office in Thailand

KANBAWZA Bank (KBZ Bank) Limited, part of the KBZ Group of companies, has officially received a licence to open a representative office in Thailand. This licence from the Bank of Thailand makes KBZ Bank the first Myanmar bank to establish a presence in Thailand, or anywhere outside Myanmar. It is the first step towards a […]

Kyat Value Grows in Wake of Govt Power Transfer

RANGOON — Since Burma’s democratic handover of power on April 1, the country has seen a resurgence in the value of the kyat, observers say. Not even a week after a National League for Democracy (NLD)-led government took office, the Central Bank of Myanmar on April 7 reported an exchange rate of 1,192 kyats per […]

Central Bank manoeuvres rise in kyat value

The value of the Myanmar kyat has risen due to the efforts of the Central Bank of Myanmar, according to Xinhua News Agency. The kyat value rose gradually starting from the beginning of this year following a year of declining value compared to the US dollar, according to local money changers. On 2 April, US$1 […]