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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 […]

Foreign investments in local banks to be reviewed by CBM

Foreign investors planning to invest in domestic banks will still be required to seek approval from the Central Bank of Myanmar (CBM) to do so, U Soe Thien, vice governor of the central bank, told The Myanmar Times yesterday. “According to the law, all firms are included under the 35 percent threshold. But, being financial […]

Interbank cash transfers available with single ATM card next year

Money transfer services will be available through a single ATM card from next year onwards, U Mya Than, non-executive director and former chair of Myanmar Payment Union (MPU), told The Myanmar Times. With a single ATM card issued by any of the 23 local banks under the MPU network, users will be able to perform […]

Why the construction sector is ailing and how it could recover

To help the construction and real estate sectors expand and stay profitable, government support in the form of tax and loan policy reforms is necessary, developers said. Currently, developers must pay taxes of up to 10 percent on the sale of condominium units priced between K100 million to K500 million. Meanwhile, buyers must pay a […]

Trade on the rise, more FDI needed: U Ye Min Aung UMFCCI VP

U Ye Min Aung, vice president of the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry, told the Global New Light of Myanmar his views on Myanmar’s economy in an exclusive interview. Q: Please tell us about the current economic situation in Myanmar? A: At the present period, global economy […]

Thai brokerage eyes Myanmar role

The Nation has learned that KTZ Ruby Hill Securities, the joint venture with locally-owned Ruby Hill Finance, is one of the 10 companies. More than 100 Thai and foreign brokerage firms along with local finance companies applied for the licenses. In October, KT Zmico was the only securities company from Thailand to win a brokering […]