Myanma Tourism Bank will open three branches in Yangon, Mandalay and Nay Pyi Taw within the next two months, U Zin Ko Ko, deputy head of the small and medium-sized enterprise (SME) department at Myanmar Tourism Bank told The Myanmar Times. Myanmar Tourism Bank is one of five sector-specific banks granted a banking license by […]
Local banks permitted to extend more mortgages
January 23, 2019 by
Local banks have been permitted to allocated 5 percent of their total loan portfolio towards mortgages not exceeding three years, the Central Bank of Myanmar (CBM) said in a statement on Tuesday. The CBM’s aim is to generate more growth and development in the local banking sector and create more opportunities for people to own […]
Central Bank permits loans without collateral at 16pc interest rate
January 18, 2019 by
Myanmar banks have been permitted to extend loans without the need for collateral at a maximum lending rate of 16 percent, the Central Bank of Myanmar (CBM) announced in a directive issued yesterday. The measures will take effect on February 1. Banks will be permitted to charge up to 16pc to loan money if borrowers […]
Five business sectors that are looking interesting in 2019
January 14, 2019 by
Businesses did not have a positive outlook on the Myanmar business sector last year with falling confidence and firms pulling out of Myanmar. However, with the arrival of a new year, things seem to be looking more optimistic for some sectors. Our reporters have interviewed insiders and experts from five business sectors on their views […]
Myanmar’s urban dwellers get a taste of credit
January 7, 2019 by
More consumers in urban Myanmar are taking out loans to buy electronics, cars, even homes. A purple logo — that of Japan’s Aeon Financial Service, a provider of small loans to consumers who pay back the money in installments — is becoming easy to spot at one Yangon shopping center, especially at appliance and cellphone […]
Foreign banks allowed to set foreign currency loan interest rate
December 11, 2018 by
The Central Bank of Myanmar (CBM) said foreign banks are free to set their own interest rate as long as those loans are in foreign currencies. Foreign banks with branches in the country are now allowed to do wholesale banking services and other financial services, according to the latest Directive issued by the CBM last […]
Ten Reasons Behind Myanmar’s Economic Slump
September 3, 2018 by
YANGON—A recent business sentiment survey of the second quarter of 2018 outlined ten main reasons why Myanmar’s businesses are facing worse conditions now compared to the two previous years. Nearly 1,500 businesses from the service, manufacturing and trade sectors contributed to the survey which was conducted by the Republic of the Union of Myanmar Federation […]
Plans afoot for Dawei SEZ and Thai Border road link with Thai loans
July 18, 2018 by
Plans are underway to seek loans from Thailand to build two-lane Dawei-Htikhee road included in the Dawei Special Economic Zone project, said Union Minister for Commerce Dr Than Myint, who is also chairman of Myanmar SEZ Central Work Committee. The construction has been agreed and approval sought from relevant parliaments. The government is also working […]
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