Five gem and jewellery emporiums to be held in 2017

Five gem and jewellery emporiums will be held in 2017, up from only one or two events held annually. Three events will sell gem and jewelry lots in foreign currency while two will be conducted using Myanmar currency, it is learnt from Myanmar Gems and Jewellery Emporium Organising Committee. “Normally, only an event is held […]

Kyat appreciates as imports slow ahead of Chinese New Year

As trade and other businesses wind down in the run-up to the Chinese New Year festival, and sentiment about the political transition improves, the kyat has strengthened in value to a three-month high against the US dollar. The value of Myanmar’s currency has fallen more than 25 percent to the dollar over the past year, […]

Parliament passes condominium law

Mired in legislative gridlock until the dying days of the outgoing government, the condominium law finally squeaked through parliament on January 22 after years of back-and-forth argument between the upper and lower houses. The president still has to approve the law, but in principle foreigners will now have the right to buy up to 40 […]

Industry lobbies for gold and diamond trade to be legalised

Industry bodies have asked the government to strike gold and diamonds from its list of restricted goods, saying it would boost government earnings and help to combat smuggling. The Myanmar Gold Entrepreneurs Association has filed a proposal with the Ministry of Commerce to lift restrictions. At present, gold and diamonds can only be traded overseas […]

Government restricts forex to banks

Exporters and importers must use banks for foreign currency transactions, according to new government regulations. The new rules would be another step toward a functioning interbank currency market, but bankers are doubtful they can be immediately enforced. The government amended its 2012 Foreign Exchange Management Law last week to prevent exporters from selling foreign currency. […]

Tourism companies still accepting USD

Tourism-related companies say they are still accepting US dollar cash payments as normal, despite a Central Bank decision to revoke foreign currency acceptor and holder licences last week. The Central Bank statement, published on October 13, recalled foreign exchange licences held by all companies except banks and money changers – including airlines, hotels and tour […]

Illicit capital flows into Myanmar soar

The report, by US non-profit Global Financial Integrity (GFI), looks at illicit capital flows in Myanmar between 1960 and 2013. It finds that despite a number of political and economic changes since 2010, unlawful inflows – mostly due to misinvoicing – are growing fast. GFI estimates that US$18.7 billion flowed illegally out of Myanmar over […]

Myanmar steps up forex sales to boost kyat

Myanmar’s central bank has started unrestricted sales of foreign currency at its own specified rate to help importers hit by exchange rate fluctuations over the past two weeks reported Reuters on 18 June. The kyat has weakened by 26 percent since Myanmar introduced a managed float in 2012 to try to end the disparity between […]

Myanma Petrochemical Enterprise to invite open tender for Auctioning of Petroleum Coke; Closing Date: February 27th, 2015

Subscribe to our Tender Alert. We send out email alert on Tender and EOI as it happens. The Government of the Republic of the Union of Myanmar Ministry of Energy Myanma Petrochemical Enterprise Auction for Petroleum Coke Tender No. (2) The Myanma Petrochemical Enterprise (MPE), the Ministry of Energy, hereby announces a tender for auctioning […]

Bangkok Bank awarded banking licence in Myanmar

Investment thesis BBL is the only Thai bank with a significant offshore operation (26-full-service branches) or much business outside of Thailand (17% of its total lending). That makes it the banker of choice for Thai firms with major operations overseas or that are looking to expand abroad. It also has the highest loan loss coverage […]