Businesses call for lower taxes amid slowing economy

Myanmar businesses are urging the government to lower the country’s tax rates to alleviate pressure from the rising dollar exchange rate and slowdown in demand in recent months. According to the quarterly Business Sentiment Survey by the Union of Myanmar Federation Chamber of Commerce and Industry (UMFCCI) released last month, Myanmar’s high taxation rates are […]

Myanmar property group sees its future in consumer sector

In the heart of Yangon, the commercial capital of Myanmar, the former headquarters of Myanmar Railways is surrounded by white steel frames. The historic redbrick building, more than a century old, is being restored and will be the future site of the Peninsula Yangon, a luxury hotel set to open in 2021. The grand structure […]

At least five more years needed for Myanmar to go cashless

Myanmar’s cash dependent economy has become a burden on the government’s coffers in recent years and a widespread adoption of an electronic payment system in the country is needed. Yet, experts say it could take a minimum of five more years for society to go cashless. “It costs the government money to print cash and […]

IFC, UMFCCI work to improve food safety in Myanmar

IFC, a member of the World Bank Group, signed an agreement with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) to help food sector companies address and improve food safety practices. Another goal is to develop the country’s agribusiness sector to increase exports, draw investments, and generate jobs. According to IFC, […]

Why retaining valuable talent is difficult for Myanmar companies

Businesses in Myanmar face a myriad of challenges, one of which is the lack of skilled employees. That, in turn, is due to limited training and human resource (HR) functions in most firms. But while employers lament the shortage of talent, many are also reluctant to invest in staff development, saying too many employees end […]

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 […]

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 […]

Economist warns of adverse impacts on kyat depreciation

MYANMAR’S government has been urged to rein in the rise of the kyat and ease the impact of a decline in export competitiveness on the country’s manufacturing and agricultural sectors. The economy could be in deep trouble, if the exchange rate continues to appreciate against the US dollar, said U Myint, who served as the […]

Myanmar govt asked to urgently address forex instability

Following the daily fluctuation of Myanmar’s exchange rate over the past three months, economists and business people have urged the government to urgently address the problem of violatility. Economist Maung Aung said the Central Bank of Myanmar (CBM) must come up with effective measures to rein in the forex market, in order to create a […]

Myanmar-China Friendship Association eyes enhanced Myanmar-China ties

YANGON, May 13 (Xinhua) — The Myanmar-China Friendship Association on Sunday laid down a seven-point program to be implemented in the future, with the association chairman U Sein Win Aung calling for building friendship with neighboring countries. The program, adopted at the 5th annual meeting of the Myanmar-China Friendship Association (Central) held in Yangon, is […]