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Lawmaker urge parliament to include jail terms in labour law amendment

In 2014, Myanmar enacted an amended Labour Dispute Settlement Law. Three years later the Ministry of Labour, Migration and Population submitted a second amendment bill to Pyithu Hluttaw (Lower House), which discussed and approving the amendments. The bill was then sent to Amyothar Hluttaw (Upper House). Dr. Khin Ma Gyi, an Amyothar Hluttaw Representative, urged […]

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 […]

Better oil and gas deals needed in the future, say experts

Efforts must be taken to lessen Myanma Oil and Gas Enterprise’s (MOGE) tax burden from contracts signed with joint-venture firms to work offshore oil and gas fields, a report states. According to the “State-Owned Economic Enterprise Reform in Myanmar: The Case of Natural Resource Enterprises” report by the Natural Resource Governance Institute (NRGI) and Renaissance […]

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 […]

Insurance industry progressing at slow pace, foreign competition needed: AMI

It has been five years since the government first allowed private insurance businesses to offer their services in Myanmar in 2013. But further liberalisation is needed and the authorities have been saying they are close to allowing foreign insurance providers to operate domestically. In August, U Zaw Naing, secretary of the Insurance Business Regulatory Board […]

Don’t blame “economic malaise” on Rakhine, business groups warn, calling for less protectionism, gerontocracy

Two major business groups in Myanmar have warned against blaming all of the country’s economic woes on the northern Rakhine crisis, urging the government to tackle protectionism, involve the younger generation and provide clarity in the regulatory environment. The British Chamber of Commerce Myanmar (BritCham) said Rakhine is “far from being the sole or main […]

Five sectors driving Myanmar’s economic growth in 2018-19

Myanmar’s economy has taken a beating in recent quarters, with a rising number of companies reporting tougher business conditions and a slowdown in market demand. One of the main reasons is the rising foreign exchange rate. Despite a slew of measures taken by the Central Bank, which included pumping millions of dollars from its reserves […]

Foreign investors show interest in First Private Bank

Foreign investors are showing interest in taking stakes in First Private Bank, which is listed on the Yangon Stock Exchange (YSX), said its CEO, U Myint Zaw. Interest has risen following the enforcement of the Myanmar Companies Law on August 1. The new law states that foreigners will be allowed to own a maximum of […]

State Counsellor urges entrepreneurs to help grow nation’s wealth

Myanmar’s business community has an important role to play in ensuring the country’s political voice is heard on the global stage, State Counsellor Daw Aung San Suu Kyi said at the meeting between government officials and business persons and at Myanmar Convention Centre in Nay Pyi Taw yesterday. She said the reason Myanmar’s political voice […]

Myanmar develops gold trading avenues

Myanmar is making progress in developing legal avenues to export gold. The Ministry of Commerce (MOC) yesterday said it would remove the metal from its restricted exports list and open a service centre near the Peoples’ Square in Yangon to handle the legal trading of gold. An official notification has yet to be issued. Legal […]