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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 The Central Bank of Myanmar (CBM) said more cash than usual was withdrawn from banks on Tuesday, following Myanmar’s first confirmed coronavirus cases.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 […]

Pwint Thit Sa 2020 to assess donations, reflect strengthened regulation

Myanmar’s leading corporate transparency report this year will assess company donations and reflect the country’s strengthened regulations, said the report’s authors. Yangon-based Myanmar Centre for Responsible Business (MCRB), in partnership with Yever, a Myanmar business consultancy, initiated the research phase of the 2020 report on Transparency in Myanmar Enterprises, also known as Pwint Thit Sa. […]

Treasury bonds gain momentum

The market for government bonds is picking up and now covers the budget deficit, but some players say the Central Bank of Myanmar needs to do more to boost sales. By KYAW LIN HTOON | FRONTIER MYANMAR’S treasury bond market is beginning to gain momentum in a development that is generating more funding for the […]

Cash’s Crown Starts to Slip in the Business-to-Business Sector

Every day, the 25-year-old collects bricks of notes – equivalent to many times his K300,000-a-month salary – from businesses in northern Yangon’s Insein Township. After counting the notes, Kyaw Zaya adds the balance to the mobile banking account of each business and deposits the cash with an agent for Yangon-based fintech company Ongo. Kyaw Zaya […]

Taking a Quantum Leap to Revamp Myanmar’s Economy

YANGON—Since last year, Myanmar officials responsible for drumming up foreign investment have been shuttling between Naypyitaw and Asian countries to pitch the government’s latest legal, procedural, and institutional reforms to potential investors as part of efforts to revitalize the country’s economy. State Counselor Daw Aung San Suu Kyi often highlights foreign direct investment (FDI) as […]

No need to be worried about bank loan rumours: CBM

Rumours of runaway non-performing loans (NPLs) at local banks are unfounded and the public has nothing to be concerned about, Daw Khin San Hlaing, chair of the Pyithu Hluttaw’s Banking and Financial Development Committee, said after a meeting between the committee and central bank on Tuesday evening. “The CBM reassured us that private banks are […]

Central Bank deputy chief says businesses should pay loans

Banks have a fiduciary duty to ensure that the financial system remains sound and secure by adhering to regulations. Central Bank of Myanmar (CBM) deputy governor U Soe Thein said in remarks to the Pyithu Hluttaw on August 27 that this included ensuring that depositors do not lose their money and that banks collect what […]