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Poultry breeders face loan, land difficulties in Mandalay

Poultry breeders in Mandalay are having difficulties in finding land to expand their business as well as in securing loans, a local industry association said. U Kyaw Htin, chair of the Mandalay Region Livestock Breeding Federation, said that while local chicken breeders can compete with neighbouring countries in terms of technological know-how, it is hobbled […]

Mandalay region goldfields tainted by whiff of corruption

Illegal mining is flourishing at the troubled Moehti Moemi goldfields in Mandalay Region and some say weak law enforcement and corruption are to blame. IT IS MORE than 18 months since the Ministry of Natural Resources and Environmental Conservation ordered mining companies at the Moehti Moemi goldfields to suspend operations over outstanding bullion payments to […]

Company of Former Myanmar Dictator’s Grandson Among 4 Sued for Unpaid Loans

YANGON—AYA Bank, one of the largest private banks in Myanmar, has sued four companies— including one owned by a grandson of late military dictator Gen. Ne Win—for unpaid loans, according to the Yangon Region High Court. The bank has sued Omni Focus Co, owned by U Ne Win’s grandson U Kyaw Ne Win, along with […]

Questions arise over cost, accessibility of two-step loans

Despite the important role small and medium enterprises (SMEs) play in the economy, repeated requests for more affordable loans and easier access to financing remain a challenge for the sector. One avenue for SMEs to access financing in Myanmar is via funds provided by official development assistance organisations such as Japan International Cooperation Agency (JICA). […]

Central Bank deputy chief says businesses should pay loans

Banks have a fiduciary duty to ensure that the financial system remains sound and secure by adhering to regulations. Central Bank of Myanmar (CBM) deputy governor U Soe Thein said in remarks to the Pyithu Hluttaw on August 27 that this included ensuring that depositors do not lose their money and that banks collect what […]

Root cause of high inflation rate is linked to high commodity prices: CBM Vice-Governor

The root cause of high inflation rate in the third quarter of 2018-2019 fiscal year, is linked to high commodity prices and consumer price indexes, said Soe Thein, Vice-Governor of the Central Bank of Myanmar at the regular session of Lower House Parliament yesterday (August 27). The vice-governor replied to the question raised by Lower […]

Businesses jumpy over impending loan repayment deadline

Some of Myanmar’s business leaders are urging those of their compatriots who have been slow in repaying their loans to do so in order to avoid a financial crisis. There has been speculation that banks would be suing businesses that have not been repaying their loans on a regular basis or have defaulted to pay […]

Myanmar foreign loans rise to US$10.2B in last fiscal year

Myanmar has accumulated US$10.2 billion in debt owed to more than 20 countries and multilateral organisations, the Joint Public Accounts Committee of the Pyidaungsu Hluttaw noted in a report on the Union budget for the 2017-18 fiscal year. The committee said the Ministries of Home Affairs; Agriculture, Livestock and Irrigation; Transport and Communication; Electricity and […]

Microfinance growth expected to drive higher financial inclusion

Efforts are being made to raise the rate of financial inclusion in the Myanmar. Under the Myanmar Financial Inclusion Roadmap for 2019 to 2023, authorities are working with the UN Capital Development Fund (UNCDF) to raise the percentage of the population covered by the financial sector to 60 percent from 48pc currently, said Willian Naing, […]

Myanmar’s digital money transfers set to triple in 2019

<ahref=”https://youtu.be/pCvYiQYDHcE” target=”_blank”> YANGON — Digital money transfer services in Myanmar by mobile phone operators and banks have all but replaced traditional remittances in only a few years. CEO Brad Jones of Digital Money Myanmar — operator of the country’s leading remittance provider Wave Money — says transactions via the service exceeded 2 trillion kyat ($1.3 […]