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 […]

Thitikorn revs up for full entry into Myanmar market

Thitikorn (TK), a leading Thai hire-purchase provider in the motorcycle segment, is entering the Myanmar market with plans to operate a new company – Mingalaba Thitikorn Microfinance – established with registered capital of 200 million kyat (Bt4.85 million). Myanmar is the third overseas country in which the listed company has invested, after Laos and Cambodia. […]

In dirt-poor Myanmar, smartphones are transforming finance

MYANMAR’S democratic transition sometimes seems marked as much by continuity as by change. Depressingly, the army continues its bloody persecution of Rohingya Muslims in the west, for example (see article). But elsewhere moves to open the country’s markets, started by the preceding military regimes, have gathered pace. New commercial and financial services are springing up. […]

Myanmar moves to stave off credit crunch

NAPYITAW — Myanmar’s banking system is facing tough new regulations that could take more than $1 billion worth of local currency out of circulation, severely curtail lending and badly hurt the economy if a tight compliance deadline is not eased, senior bankers have warned. The Central Bank of Myanmar published its first set of modern […]

Hantharwaddy airport priority for govt

THE planned Hantharwaddy International Airport is the only priority in the area of aviation under the National League for Democracy-led government, said U Win Khant, permanent secretary of Ministry of Transport and Communications. He made his comments in relation to the government’s Transport Master Plan during the sideline interview with The Myanmar Times at Myanmar […]