Condo construction inspections resume

After undergoing government-mandated inspections condominium construction projects in Yangon will be allowed to resume, according to the Collective Ownership Buildings Management Committee. Committee member U Myo Myint said: “Inspections for construction sites should be completed soon. Currently, inspection teams are examining contracts and tax payments, as well as land ownership details.” Land ownership of condos […]

KBZ Bank joins Myanmar’s interbank transfer system

KBZ Bank account holders will be able to transfer money to other banks in Myanmar after the bank launched its digital interbank transfer system on December 15. “Digital money transfer can now be done easily and safely between local banks,” said KBZ deputy managing director Mr Robin Chua. Users can transfer a maximum of K […]

Central Bank issues official remittance licenses to money changers

The Central Bank of Myanmar (CBM) has issued remittance licenses to five Myanmar-registered companies, permitting them to handle overseas money transfers, and plans to issue more licenses to those that meet the requirements, said U Soe Min, Vice Governor of the CBM.The licenses, issued with the aim of discouraging illegal retail cross border transfers, have […]

Forex brokers in Myanmar benefit from stable kyat

The Myanmar kyat has been stable between K1300 – 1325 per US dollar for the last three months. This has helped forex brokers make profits in the local currency market. The current price of the local currency has touched 2016 levels, and is at its strongest levels against the US dollar since 2018. A stable […]

Central Bank of Myanmar introduces updated clearing and settlement system

Central Bank deputy governor U Soe Min said the institution has introduced a new payment and settlement system called CBM-NET 2 on November 16. The Central Bank of Myanmar, supported by Japan and commercial banks, this week launched the Central Bank of Myanmar Financial Network System 2, an upgraded version from the old system. It […]

Myanmar’s growth prospects shrink on resurgence of COVID-19

Two men walk at the Ayeyarwady COVID-19 treatment centre built inside Thuwanna Stadium in Yangon. Photo: Aung Htay Hlaing/The Myanmar Times Myanmar’s growth prospects shrink on resurgence of COVID-19 Stringent containment measures, an uncertain export outlook and strengthening of the local currency against the US dollar could delay Myanmar’s economic recovery into 2021 following a […]

Myanmar Central Bank Cuts Rates by Another 1.5 Percentage Points Amid COVID-19 Slowdown

YANGON—The Central Bank of Myanmar (CBM) has cut its key interest rates by a further 1.5 percentage points as the global COVID-19 pandemic continues to take a toll on the country’s economy. This is the third time the CBM has reduced rates since it announced a 0.5 percentage point cut on March 12, followed by […]

Companies to receive COVID-19 loans, but discrepancies hamper number of approvals

The government has approved COVID-19 loans for 88 businesses at an interest rate of 1 percent, according to the Union of Myanmar Chamber of Commerce and Industry (UMFCCI). But the UMFCCI received more than 1600 applications for the loan on the April 9 deadline. According to U Naung Naung Han, chair of the Myanmar Tourism […]

Myanmar’s Central Bank Says Banking Will Continue Despite Coronavirus

YANGON — Myanmar’s central bank has reassured citizens that banking services will not stop, including mobile banking and cash machines, amid the COVID-19 pandemic. The Central Bank of Myanmar (CBM) said more cash than usual was withdrawn from banks on Tuesday, following Myanmar’s first confirmed coronavirus cases. On Wednesday, the CBM said it had ordered […]

High interest: Payday lender faces scrutiny

The financial authorities are investigating an online-based loan provider that was slugging customers with interest and fees totalling 15 percent a month – more than five times what microfinance institutions and pawn shops are allowed to charge. IN LATE December 2019, Ma Tin Zar received a phone call from a microlender, MicroMoney Myanmar, asking her […]