fbpx

Banks receive boost as Myanmar urges citizens to beef up savings

The number of adults who save via banks is at a measly 11%. Banks in Myanmar can start looking forward to a larger liquidity pool as the country drafts a National Savings Mobilisation Strategy to encourage its citizens to save more, reports The Myanmar Times. “Despite rising volume of savings at local banks, more is […]

Businesspeople Urge State Counselor to Reduce Tax And Loan Interest Rates

Leading businesspeople urged State Counselor Daw Aung San Suu Kyi to reduce tax and bank loan interest rates during a meeting in the administrative capital Naypyitaw on Tuesday. Potential investors are maintaining a wait-and-see attitude and Myanmar’s economy is experiencing a slowdown, said leading builder U Maung Weik. Reducing bank loan interest and tax rates […]

Financial Services Key to Rapid Myanmar Growth

The rapid economic growth in Myanmar has the potential to create more new jobs in financial services than any other country in Southeast Asia (SEA), according to Red Dot, the Yangon-based cash acceptance network. “Financial services are central to all key sectors in Myanmar – agriculture and food, manufacturing construction, hotels and leisure, tourism, healthcare […]

Myanmar Gold Exports Could Rise to 20 Tons in 2019: Industry Official

Kochi, India. Myanmar could export as much as 20 metric tons of gold in 2019 after the Southeast Asian country earlier this year permitted exports of the precious metal for the first time in five decades, a senior industry official said on Saturday (04/08). A pick-up in legal exports will reduce the smuggling of gold […]

Myanmar opens visa-on-arrival door

YANGON, 31 July 2018: Myanmar confirmed late last week it would ease visa procedures for three nationalities 1 October. Tourism officials quoted government sources saying tourists from Japan, South Korea and China would be granted a visa-on-arrival for up to 28 days. Details were sketchy with none of the official websites for the Hotels and […]

Myanmar races to feed a growing Yangon

YANGON/BANGKOK — Rapid urbanization in and around Myanmar’s southern city of Yangon has turned up the pressure to develop goods and services that can meet the rising demand. The gap has provided an opening for companies in one of Southeast Asia’s least-developed countries. Local real estate and construction conglomerate Dagon International set up a modern […]

Local, foreign direct investments to be permitted as soon as possible in Mandalay Region

The Mandalay Region government will permit local and foreign direct investments (FDIs), as soon as possible, if the proposals meet the necessary terms and conditions, said Dr. Zaw Myint Maung, Chief Minister of Mandalay Region. The Mandalay Region Investment Committee was formed in July 2017 after the Directorate of Investment and Company Administration handed over […]

Myanmar consumers shift habits: study

Myanmar consumers in major cities evolved from a generation of necessity to a generation of need for social appearance and lifestyles, according to a Thai-based behavioural consulting research firm, which attributed the shift to the increase of disposable income of workers amid economic growth during the past few years. Envirosell Thailand, which conducted a study […]

Cash is king in Myanmar, but for how long?

Since 2012, Myanmar has seen a steady economic growth, but most people in the Southeast Asian country still don’t possess a bank account and prefer to use cash for financial dealings. Ate Hoekstra reports from Yangon. “If a customer wants to buy a new vehicle, he usually brings a stack of cash with him,” says […]

Why Myanmar’s government needs to do more to maintain economic growth

Myanmar’s economy is growing. In particular, the manufacturing and retail sectors are booming. However, the government must address significant challenges to maximise Myanmar’s growth potential. The manufacturing industry grew dramatically The government set bold industralisation targets. It wanted to promote manufacturing exports and lessen the country’s reliance on oil and gas. Industry, including manufacturing, contributed […]