Myanmar’s United Amara to issue 15,000 Visa cards in 4 months

UNITED Amara Bank (UAB), one of the largest financial institutions in Myanmar, will issue more than 15,000 Visa credit cards by the end of this year, says Christopher Loh, the bank’s chief executive officer and special adviser to the chairman. Loh announced on Tuesday the launch of UAB’s first suite of credit cards with Visa […]

National Prosperity Company under scrutiny on gold debt to gov’t

Negotiations are currently being carried out for NPC to make the payments. The company owes 5.5 tonnes of gold (over 3,400 viss) priced at a fixed rate to the government. NPC has an 8-year contract with the government to mine for gold in the resource-rich Moehti Moemi area, which spans over 6,000 acres of land. […]

Sales to rise, prices to fall, say Yangon real estate agents

Real estate is likely to bounce back in 2016 after more than a year of depressed sales, while prices will fall as new supply comes online, said investors and agents. Following a relatively smooth election, the volume of transactions will be “back to normal”, they said, referring to last year when the industry was thriving. […]

Myanmar to allow exports and imports of gold

NEW DELHI (Scrap Monster): According to Than Htun Aung, Myanmar’s Deputy Minister for the Ministry of Mines, the country will introduce a new mining law that will allow exports and imports of gold . The meeting of representatives held at the Union parliament session has recommended making the precious metals import and export legal under […]

Ministry of Mines threatens gold debtors with penalty

The companies have signed mining contracts with the state which provide for in-kind payments of gold, he said. The gold – a total of 200 viss, which equates to 20,000 ticals or 10,540 troy ounces – is owed from contracts starting in the 2007-08 financial year. Yesterday, internationally gold was at US$1119 a troy ounce, […]

KBZ Eyes Niche Market with Credit Card

Local lender KBZ Bank has launched Myanmar’s first credit card recently, eyeing to tap into big businesses and high-income individuals’ needs for credit card in the country. Launched late last month, there were 500 applicants at the beginning, which has grown in its first week to 600, according to KBZ officials. U Nyo Myint, managing […]

Gold Demand ‘Remains High’

Purchasing gold has long been a way for Myanmar people to accrue secure savings, particularly in the absence of an efficient banking system. Today the gold market remains steady in a country with still-limited access to financial services. U Kyaw Win is the secretary of the Myanmar Gold Entrepreneurs Association, senior vice president of the […]

Gold rush at Shwedagon as donations soar

Generous donors are showering Shwedagon Pagoda with gold. The nation’s premier religious site, and its most popular tourist destination, is to receive 16,000 new gold plates this year instead of the 4000 its trustees had expected. The gold surface of the great pagoda is refurbished every four years to counteract weather damage. The surge in […]

Gov’t to Issue Permits to Small Timers to Control Illegal Mining

The government is considering granting permits to small time miners through township administration levels to curb illegal mining activities, according to the Ministry of Mines. The ministry intends to include the provision in a planned amendment current mining law, U Kyaw Thet, a director at the ministry, said, adding that necessary assessments will be conducted […]

Ministry to Compensate Mining Firms

The Ministry of Mining said it will compensate the companies that had to halt operation in Kachin state by extending permit periods. The government allowed jade mining operations to resume in Kachin state on September 1 after operations were suspended in May 2012 due to an armed conflict. The move comes as a response to […]