Clothing Factories Forced to Close in Myanmar’s Ayeyarwady Region After COVID-19 Cases

Pathein, Ayeyarwady Region — Ayeyarwady Region’s COVID-19 committee has ordered all garment factories to close for two weeks after four employees tested positive for coronavirus at two factories in the regional capital. The two factories in Pathein Industrial Zone, one of which has around 700 employees and the other with over 2,000, were found to […]

Myanmar Officials to Prosecute Owner of Nightspot Responsible for Yangon’s Biggest COVID-19 Cluster

YANGON—Local authorities in Yangon’s Thingangyun Township are planning to file a lawsuit against the owner of a KTV restaurant where more than 90 people contracted the coronavirus, making it the largest cluster found in the city. “We are still planning to file a lawsuit. As there are large numbers of COVID-19 patients in our townships, […]

Myanmar Govt Asks Tour Operators to Suspend Travel Services for Chinese Visitors

YANGON—Myanmar’s Ministry of Hotels and Tourism (MOHT) has asked travel companies and tour operators to temporarily stop providing services to Chinese travelers planning to visit Myanmar, amid growing concern over the coronavirus outbreak. A deputy director of the ministry, U Aung Aye Han, told The Irrawaddy, “We warned them [travel companies] to stop offering all […]

CBM raises annual credit card rates to 20pc

The Central Bank of Myanmar (CBM) has raised annual credit card interest rates to 20 percent from 13pc as it wants to control unsecured lending operations, an official from the CBM told The Myanmar Times. The CBM announced that banks can charge a maximum of 20pc in interest rates on credit cards on April 24. […]

IMF urges govt to control domestic bank licences

The International Monetary Fund (IMF) has urged Myanmar to control the issuing of banking licences to minimise risks with the pending arrival of foreign banks to the country. The IMF mission chief Matt Davies said on June 17 that the issuance of new domestic licenses must be carefully controlled in order to allow regulation and […]

Asian business leaders keen to merge Myanmar human resources with Japanese technologies

YANGON—Asian business leaders are keen to see Myanmar merge its human resources with Japanese technologies, the chairperson of the Asia Business Leaders Association (ABLA) told an investment seminar held on Saturday. The seminar, organized by the Myanmar-Japan Friendship Association, was aimed at encouraging Japanese businesses to invest in Myanmar. It was also a chance for […]

Govt Measures Fail to Cool Yangon’s Overheated Property Market: Experts

Property prices in Rangoon continue to soar and government measures to cool down the real estate market in Burma’s biggest city are failing to make an impact, according to property agents and economists. They said the government should revise its property tax policies in order to stop further price rises. Currently, real estate buyers can […]