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Businesspeople Urge State Counselor to Reduce Tax And Loan Interest Rates

Leading businesspeople urged State Counselor Daw Aung San Suu Kyi to reduce tax and bank loan interest rates during a meeting in the administrative capital Naypyitaw on Tuesday. Potential investors are maintaining a wait-and-see attitude and Myanmar’s economy is experiencing a slowdown, said leading builder U Maung Weik. Reducing bank loan interest and tax rates […]

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 […]

Private banks loan Ks 868.733 bln to SMEs

Until December, 2017, private banks have granted a Ks 319.228 billion loan to the agricultural and livestock sector and Ks 868.733 billion to small and medium-sized enterprises, said Soe Thein, Vice-governor of the Central Bank of Myanmar. MP Kyaw Htwe representing Yangon Region Constituency-8, raised a question on the policies set for the establishment of […]

Local banks struggle to meet CBM regulations amid slower economy

Local banks are finding it difficult to meet a set of new regulations set by the Central Bank of Myanmar (CBM) in July 2017 to modernise the domestic financial sector and better attract foreign direct investments at a time of slower growth. Under a new Financial Institutions Law, the CBM has ordered banks to maintain […]

Interbank cash transfers available with single ATM card next year

Money transfer services will be available through a single ATM card from next year onwards, U Mya Than, non-executive director and former chair of Myanmar Payment Union (MPU), told The Myanmar Times. With a single ATM card issued by any of the 23 local banks under the MPU network, users will be able to perform […]

Visa Profits up on Better Use of Its Credit Cards

Visa Inc beat Wall Street’s quarterly profit expectations when it released financial results on October 25 as more people made payments using its world-wide network, which includes Myanmar. Visa’s payment volumes rose 9.8 percent to $1.93 trillion with the US accounting for about 43 pc of that total. For the quarter ended September 30, net […]

ATM makers eye Myanmar market

Global automated teller machine (ATM) makers are locked in a race for market share in Myanmar, where more than 90 percent of the population remains unbanked. US-listed NCR Corporation is one, while Diebold Nixdorf, a recent merger between US-based Diebold and Germany’s Windcor Nixdorf, is another. With less than 2,000 ATMs installed in the country, […]

New insurance scheme to provide aid in obtaining loans

Co-operative Bank (CB) is preparing to launch a new Credit Guarantee Insurance (CGI) system so that it can extend wider financial assistance to the country’s small and medium enterprises (SMEs). CGI covers businesses against non-payment of debts owed to them by business customers for goods or services provided on credit terms. As part of that […]

Fixing the Myanmar economy

Major structural overhauls have to be carried out so the country can maximise its potential for growth. Myanmar’s economy is projected by the World Bank to grow by an average of 7 percent between 2017 and 2019. Last year, GDP rose by 6.5pc. That’s among the fastest growing economies in Asia, alongside the likes of […]

How Genius Coffee cracked Myanmar’s premium export market

One of the main challenges facing Myanmar is developing its export trade. The majority of Myanmar’s exports are extractives and raw goods. But some of Myanmar’s most lucrative potential export markets need to produce more value-added high-quality goods. The Global New Light of Myanmar Daily Newspaper interviewed U Ngwe Tun, founder mof Aung Nay Lin […]