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Chinese bank promotes RMB financial express services in Myanmar

A workshop to promote Myanmar-China RMB financial express services was held here on Wednesday by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the Industrial and Commercial Bank of China Limited (ICBC), Yangon Branch. “It will be beneficial to everyone if we could get financing services for project financing and […]

Expect kyat to depreciate over the next two years: Fitch

The Myanmar kyat could weaken in the coming quarters as a result of renewed trade tensions between the US and China and resistance against pressure to slash interest rates by the Federal Reserve. According to forecasts released by Fitch Solutions Macro Research this month, the kyat is expected to weaken to K1600 per US dollar […]

Myanmar’s currency black market thrives in banks’ shadow

YANGON — Even as banks take on a growing share of foreign exchange trading in Myanmar, black market dealers remain firmly entrenched, with the short-lived crackdowns by the government when the kyat moves too sharply doing little to root out the problem. The building that houses the Yangon Stock Exchange was once a branch of […]

Central bank to issue official remittance licences soon

The Central Bank of Myanmar (CBM) will grant official remittance Llicences to authorised money changers within two months, CBM Deputy Governor U Bo Bo Nge told the media on Wednesday. The move is expected to curb illegal remittances and the informal flow of foreign currency into the country under the Hundi, U Bo Bo Nge […]

Five business sectors that are looking interesting in 2019

Businesses did not have a positive outlook on the Myanmar business sector last year with falling confidence and firms pulling out of Myanmar. However, with the arrival of a new year, things seem to be looking more optimistic for some sectors. Our reporters have interviewed insiders and experts from five business sectors on their views […]

Cross-border trade slows due to renminbi fluctuations

Fluctuations in the value of the renminbi are having an adverse effect on China-Myanmar cross-border trade traders in Muse have told The Myanmar Times. China’s renminbi is the currency of choice for trade in the border region and a 10 percent drop in value is enough to cause businesses to lose money on deals, say […]

Business Community Counters Gov’t Reasons for Kyat Depreciation

While Myanmar’s government has blamed currency manipulation and the trade war between the United States and China for the record depreciation of the kyat against US dollar, business circles are pointing out the Myanmar government’s mismanagement and the Central Bank of Myanmar’s poor performance. The kyat-dollar exchange rate has increased steeply from 1,344 kyats per […]

Myanmar notes record high gold price

The price of gold has reached a record high of about 996,500 Kyat per tical on 14 September, thanks to the rising US dollar exchange rate, according to a report in the Global New Light of Myanmar on 15 September. According to the markets the global gold price stands at US$1,206 per ounce at present. […]

Pearl islands in Myanmar’s southern region to open for visitors

Some 15 islands in Myeik and Kawthoung, Myanmar’s southern coastal Tanintharyi region where pearl farms are located, will be open to visitors in October, the official Global New Light of Myanmar reported Sunday. The 15 islands accommodate a state-owned and 11 private pearl farms. Tourist vessels are not allowed to enter into the pearl farming […]

UMFCCI suggests four points for the country’s economy

Zaw Min Win, President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) submitted the four-point suggestion to Myanmar State Counsellor Aung San Suu Kyi. On August 27, Myanmar State Counsellor Aung San Suu Kyi held a talk with local entrepreneurs at Nay Pyi Taw. The four points are: export promotion, […]