After years of back and forth, the Banks and Financial Institutions Law of Myanmar has been passed by parliament and is now awaiting the president’s signature, with banks to face more stringent rules on raising paid-up capital and on reserve requirements. Lenders will have to keep 5 percent of customer deposits as cash with the […]
U.S. temporarily lifts trade restrictions on Myanmar shipping hubs
December 8, 2015 by
The United States is temporarily easing trade restrictions on Myanmar by allowing all shipments to go through its ports and airports for six months, an effort to boost the Southeast Asian country’s opposition party after its landmark election win in November, U.S. officials said on Monday. The policy change, coming after Aung San Suu Kyi’s […]
Malaysian telco issues $500m Islamic bond for Myanmar towers investment
November 24, 2015 by
Malaysian telecoms giant Axiata Group on November 13 issued a US$500 million Wakala Sukuk, or Islamic bond, to fund its investment into a Myanmar towers business. This is the largest-ever corporate bond issued with proceeds to be invested into a Myanmar towers business, demonstrating considerable investor confidence in the frontier market. Telecoms towers companies have […]
Denmark Writes Off $51m Myanmar Debt
January 24, 2014 by
Denmark cancelled Myanmar’s debt worth $51 million last week in a string of debt cancellation from Western governments and financial institutions over the last two years, a sign of normalising relations between the West and the once-banished Southeast Asian country. During a visit to Myanmar’s capital Nay Pyi Taw, Danish Minister for Development Cooperation Rasmus […]
Ayeyarwady ATMs in Myanmar accept MasterCard, Maestro/Cirrus
December 2, 2013 by
Myanmar’s Ayeyarwady Bank has announced that its automated teller machines will accept cash withdrawals by customers using MasterCard and Maestro/Cirrus cards. This means more ease and convenience for the million visitors expected to converge on Myanmar during the 27th Southeast Asian Games to be held in Nay Pyi Taw from December 11-22. AYA Bank has […]
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