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MAB launches wealth banking service as competition rises

Myanmar Apex Bank (MAB) has launched a special wealth banking and rewards programme – MAB Gold Wealth Banking – for high net worth individuals in Myanmar. For now, the platform is targeting those who have the cash to place a minimum fixed deposit of K300 million as potential clients. Interest rates for fixed deposits are […]

Central Bank provides new details on foreign-bank directive

Foreign banks will be allowed to expand their branch networks in Myanmar next year, according to two senior officials of the Central Bank of Myanmar (CBM) yesterday. “More foreign bank branches will be allowed next year. Foreign banks can no longer be blocked from doing business in Myanmar because the local banks are not developed […]

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 […]

Kyat steadily declines against other currencies

Myanmar kyat’s weakening against major foreign currencies has accelerated during President Thein Sein’s time in office. The currency rate has slided to K 1,070 and K 1,075 per one US compared to K 824 per one US dollar at the end of 2011 and early 2012. In November in 2012, the exchange rate was K […]