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Central bank to issue official remittance licences soon

The Central Bank of Myanmar (CBM) will grant official remittance Llicences to authorised money changers within two months, CBM Deputy Governor U Bo Bo Nge told the media on Wednesday. The move is expected to curb illegal remittances and the informal flow of foreign currency into the country under the Hundi, U Bo Bo Nge […]

Invitation to Open Tender for 5000 BHP, 65T ASD Tug Boat (2-units) , Myanma Port Authority, Closing Date 5 Mar 2019

Myanma Port Authority is planning to construct the following two vessels by foreign currency, USD (United States Dollar) only within for the 2018- 2019 and 2019-2020 fiscal years. Therefore, interested Tenderers are cordially invited to submit complete project proposal for the following project; Particular – 5000 BHP, 65T ASD Tug (2-units) Currency – USD Only […]

More foreign investments now likely in pearl farming industry

The Myanmar Pearl Law has been amended for the second time to allow foreign direct investments (FDI) in the sector, U Min Oo, managing director of the Myanmar Pearl Enterprise, told The Myanmar Times. According to U Min Oo, the pearl production sector is now among the extraction sectors that will be open up to […]

UMFCCI suggests four points for the country’s economy

Zaw Min Win, President of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) submitted the four-point suggestion to Myanmar State Counsellor Aung San Suu Kyi. On August 27, Myanmar State Counsellor Aung San Suu Kyi held a talk with local entrepreneurs at Nay Pyi Taw. The four points are: export promotion, […]

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 […]

CBM intervenes in forex market, considers liquidity measures

Despite attempts to inject liquidity into the foreign exchange market and stabilise the dollar-kyat exchange rate by the Central Bank of Myanmar (CBM), the dollar has continued to appreciate against the kyat. On August 14, the CBM set its reference at a high of K1,460 to the dollar. Since May, the dollar has risen by […]

Myanmar promises reforms, aims to develop foreign exchange market

Myanmar will move towards developing a foreign exchange market to enable trading of foreign currencies between local banks and international traders, according to the country’s 2018 Public Finance Management Reform Strategy. The move comes at a time when the country is facing a shortage of foreign currency in the domestic market, which is adding pressure […]

Salary hike for all government employees to start from April

Ministry of Planning and Finance issued a notification dated April 29 which says salaries of all government employees including military personnel will be hiked in accordance with their time pay scale starting from April 30 payday. The notification signed by Union Minister of Planning and Finance Ministry Kyaw Win says, “The benefits under this notification […]

Myanmar targets LNG imports to fuel nation’s power surge

YANGON — Myanmar will begin importing liquefied natural gas as soon as 2020 to feed the country’s growing power demand, aiming to allay concerns among businesses about electricity shortages even as domestic gas output begins to drop. The government gave the go-ahead at the end of January for three power projects that will run on […]