Myanmar moves to stave off credit crunch

NAPYITAW — Myanmar’s banking system is facing tough new regulations that could take more than $1 billion worth of local currency out of circulation, severely curtail lending and badly hurt the economy if a tight compliance deadline is not eased, senior bankers have warned. The Central Bank of Myanmar published its first set of modern […]

New insurance scheme to provide aid in obtaining loans

Co-operative Bank (CB) is preparing to launch a new Credit Guarantee Insurance (CGI) system so that it can extend wider financial assistance to the country’s small and medium enterprises (SMEs). CGI covers businesses against non-payment of debts owed to them by business customers for goods or services provided on credit terms. As part of that […]

Gemstone Sales Center Slated for Yangon

The Union govern­ment has created a working commit­tee to plan and estabish a gemstone sales center in Yangon, U Kyaw Win, Chairman of Myanmar Gold Entrepreneur Asso­ciation, said. The committee was jointly organized by of­ficials from the Ministry of Natural Resources and Environmental Conser­vation, members of the Myanmar Gem and Jew­elry Entrepreneurs Asso­ciation, and the […]

CBM Invites Citizens to Exchange Old Bank Notes

Old, broken, or otherwise unusable bank notes can be exchanged for new ones at state-owned banks and private banks, according to an announcement by the Central Bank of Myanmar. The CBM has been trying to motivate citizens to exchange decrepit notes since 1993 when they first announced this initiative. Under the bank note exchange, local […]

Hackers target govt websites in cyber spillover from Arakan crisis

Hackers targeted several government websites this week, according to state media, apparently in retaliation for Burma’s treatment of the country’s Muslim minority, as international attention on the plight of the Rohingya in northern Arakan State intensifies. The Burmese-language state-run daily Kyemon reported on Tuesday that six government websites had been hacked in a “defacement attack,” […]

Myanmar’s First Gold Exchange Center Takes Shape in Yangon

YANGON — Myanmar will have its first official market for gold, gems and metal trading in its commercial capital Yangon this year, said U Khin Maung Han, chairman of the Myanmar Federation of Mining Association. The trade center will be built in Yangon’s Mingalardon Township near Yangon International Airport, U Khin Maung Han said. The […]

Central Bank of Myanmar delivers green light for mobile wallet OK Dollar

by Ben Roache OK$, a mobile payment service that has recently been heavily advertised throughout Yangon, has been granted a Mobile Financial Services (MFS) licence by the Central Bank of Myanmar. This overcomes a major hurdle between OK$ and next generation retail payment, remittance and funds transfer services in the country. Fig 1 – Screenshot […]

Draft Companies Law designed to remove obstacles for foreign investment

A new Myanmar Companies Law currently being drafted by legislators will remove cumbersome restrictions and make foreign investment easier, said Dr Myat Nyana Soe, the secretary of Amyotha Hluttaw Bill Committee. “The draft law was approved by Amyotha Hluttaw and the amendments made by Aymotha Hluttaw and Bill Committee are already submitted to Pyithu Hluttaw. […]

Suu Kyi Government Brings Back Myanmar’s ‘Mr. SEZ’

YANGON — Myanmar’s government has brought a key architect of the previous administration’s economic policy back into the fold, aiming to bolster confidence in the business community. President Htin Kyaw’s office on Monday announced the appointment of Set Aung, until recently the deputy governor of the central bank, as deputy minister for national planning and […]