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 […]

Myanmar to hold pearl auction in Hong Kong to penetrate int’l market

YANGON, Feb. 22 (Xinhua) — Myanmar will hold its sixth International Pearl Auction in China’s Hong Kong Special Administrative Region starting Friday, the official Global New Light of Myanmar reported Thursday. In the three-day pearl auction with the aim of penetrating the international pearl market, Myanmar pearls of high value, produced from Myeik, the country’s […]

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 […]