Strengthening Myanmar’s banking sector is key to economic growth

Central to Myanmar’s economic development is the reform of its finance sector and specifically its banking sector. Banks play a fundamental role in the transformation of market economies. Recently the government has enacted a series of laws intended to reform and strengthen its banking institutions to restore investors’ confidence and to make capital more accessible. […]

World Bank urges liberalisation of accounting and auditing sector

A New World Bank report has urged the government to finalise the statutory framework of the accounting and auditing sector and relax restrictions on foreign accountants and auditors to practice in the country. The Report on the Observance of Standards and Codes – Accounting and Auditing, released on June 16, noted that Myanmar’s revisions to […]

Economy to Grow by Seven Percent This Fiscal Year, Observer Group Predicts

RANGOON — Burma’s economy is predicted to grow by at least seven percent in the 2017-18 and 2018-19 fiscal years after growth of six percent last fiscal year, predicted regional observer group ASEAN +3 Macroeconomic Research Office (AMRO). Moderate growth in Burma last fiscal year (6.3 percent) compared to 7.3 percent the year before was […]

IMF Rep Talks Tackling Macro Risk and Boosting Bank Lending

​​ After a shaky 2016 Myanmar is hoping for stronger economic growth in the year ahead. The IMF publishes its first in-depth report on the economy in over a year this week, and The Myanmar Times spoke to IMF resident representative Yasuhisa Ojima about the outlook for growth and what the government can do address […]

Gems and minerals bank to register in September

The creators of a new bank to service the gems and minerals sector will apply for a licence this month, spokesperson U Thet Naing told The Myanmar Times. If licenced, the new bank will add to a number of sector-specific banks that have opened over the past couple of years, including the Construction and Housing […]

Myanmar to amend 23-years old financial institutions law

Myanmar will soon amend its 23-years old financial institutions law, according to officials at a recent press conference. The conference was held on October 5 at the office of the Myanmar Banks Association. “The law is too old as it was enacted in 1990. That’s one reason. And the country has made many changes in […]