Myanma Apex Bank gives loans to almost 700 farmers this harvesting season

A pilot project which provides loans to farmers spearheaded by Myanma Apex Bank (MAB) and Myanmar Rice Federation (MRF) has supported almost 700 farmers for this harvesting season to date, according to the MRF. U Ye Min Aung, MRF secretary, said that the MAB has provided medium-term loans to farms in agriculture, livestock and fishery […]

An overview of the $9bn China-backed proposal for Myanmar’s Kyaukpyu port

In 2015, China’s state-owned investment giant CITIC Group won a tender to build a massive port at Kyaukpyu, a town in the west of Myanmar. The $9bn agreement was struck on the basis of CITIC assuming a 70% share, with the Myanmar government and local operators receiving the remaining 30%. Three years on, however, and […]

CB Bank successfully adapting to meet the needs of a new generation

Economic liberalisation came relatively late to Myanmar, but the country has been working hard to make up for its slow start. Following a military coup in 1962, the country was governed by an oppressive dictatorship and subsequently experienced the ignominy of being rated one of the least developed and most corrupt nations in the world. […]

SMEs need more funding, support system to expand further

Efforts to support small and medium enterprises (SMEs) over the past three years have so far not been sufficient to generate meaningful growth for the economy, experts said. While a higher volume of loans were dished out by state-owned and local banks, only a few SMEs have successfully expanded their operations in the past three […]

Traders expect better business on wider trade financing options

Now that the Central Bank of Myanmar (CBM) has allowed a total of seven foreign banks to provide trade financing services in Myanmar, traders are anticipating much better business in the months ahead. Last December, the CBM permitted 13 foreign banks to apply for approval to offer trade financing services in the country. Since then, […]

Developers Urge Government to Temporarily Reduce Tax to 5 percent

During a meeting with the Yangon Regional government held at MCC on February 17, construction developers urged the government to temporarily reduce the commercial tax from 30 percent to 5 percent for a period of two years. The Myanmar Licensed Contractors Association welcomed the income tax reduction in the Union Tax bill 2018, and supported […]

India explores “cheap power” sales to neighbours

India is exploring selling “cheap power” to its South Asian neighbours and Myanmar on a long-term basis and wants state utility NTPCBSE -0.92 % to expand overseas, its power minister said on Tuesday. Indian companies such as Reliance PowerBSE 1.98 % Ltd and Adani Power Ltd have already signed agreements to supply power to Bangladesh, […]

Businesses demand quicker reforms, policy clarity in 2018

After a somewhat “disappointing” 2017 for the private sector, during which key economic legislation failed to take shape as expected, leading businessmen and chambers of commerce have urged Nay Pyi Taw to be more decisive and efficient in implementing reform in 2018. Moving forward, the business community wants to see stronger leadership and direction from […]

Financial services among the fastest growing sectors in Myanmar

The financial sector rose the most among 15 sectors managed by the government in the first six months of the 2017-18 fiscal year, growing 22 percent as a result of the implementation of new financial services, U Set Aung, deputy minister of the Ministry of Planning and Finance, at Pyidaungsu Hluttaw meeting on Thursday. “If […]