Tour operators barely surviving due to “incredibly shaky” demand

Small tour operators are on the verge of collapse as market demand in the tourism sector took a hit among Western visitors, as bookings for the impending peak season are “incredibly shaky”, according to a local company. In addition, hopes on wooing Asian investors were dashed by the now-abandoned “$1,000 in cash per tourist” entry […]

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, […]

CBM permits trading of dollar swaps, says local banks reason for kyat drop

The Central Bank of Myanmar (CBM) will this week launch a new currency swap facility in efforts to stabilise the value of the Myanmar kyat, U Bo Bo Nge, deputy governor of CBM, told The Myanmar Times on August 19. The move follows a 6 percent deprecation in the value of the Myanmar kyat versus […]

Kyat stabilises after CBM pumps US$4 million into economy

The dollar tapered against the kyat on August 16 after the Central Bank of Myanmar (CBM) sold a record US$4 million to local private banks. That helped ground the exchange rate, which is up by around 10 percent since May. To place a floor under the depreciating kyat, the CBM has sold US$100,000 per day […]

Dollar hits record high against depreciating kyat

The dollar to kyat reference exchange rate, which is fixed by the Central Bank of Myanmar (CBM), hit a record high of K1,429 on August 2. At private banks and money changers, the exchange rate was as high as K1,445. On the face of it, the depreciating value of the kyat bodes well for exporters, […]

Concern among traders mounts as dollar continues rise against kyat

Local traders who import goods are concerned about the recent spike in the value of US dollar versus the Myanmar kyat. The exchange rate, which recently rose above K1,400, was fixed by the Central Bank of Myanmar (CBM) at K1,399 yesterday. The last time the dollar reached similar levels against the kyat was in 2016. […]

Traders seek to recoup losses on K5 billion in seized rice

About 50 rice traders from Mandalay Region and Katha, Banmauk, Htigyaing and Kawlin townships in Sagaing Region said their partner’s detention for the past two months has hurt their business. Their meeting at the Banmauk rice traders association office on Wednesday was attended by National League for Democracy MPs from Banmauk. U Aung Thein, who […]

Rakhine State Plans to Export 10,000 Tons of Beans to India

Rakhine state plans to export 10,000 tons of Matpe beans to India in the cur­rent fiscal year, which be­gan in April. Official media reported that arrangements are underway to plant Matpe beans in the state during the coming rainy season and will export the sur­plus to the neighboring country, Rakhine State Minister of Planning, Revenue […]

Myanmar heads for liberalizing all types of insurance services

Myanmar finance authorities have submitted a proposal to the government on seeking permission to grant operation of all types of insurance services to the private sector. Running of all 40 types of insurance plus additional farmers insurance and overseas employment life insurance are expected to be granted by the government soon, said U Kyaw Win, […]

Myanma Timber Enterprise  Invitation for Open Tender. Closing date 24 Mar 2017

Subscribe to our tender alert mailing list 1. Myanma Timber Enterprise will sell Teak & Hardwood Round Logs and Sawn Timbers by Open Tenders in Us Dollars. Particulars of The Open Tender Sales are as Follows: (a) Date & Time – (24-3-2017) (12;00) Noon (28-3-2017) (13;00) After Noon (b) Commodities & Volume – Teak Logs […]