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JICA to lend US$100m to local SMEs in 2018-19

Japan International Cooperation Agency (JICA) will lend 11.5 billion Japanese yen (K151.685 billion) to small and medium-sized enterprises (SMEs) in the fiscal year of 2018-19 through domestic banks. This decision was officially announced on September 5. The JICA’s Official Development Assistance (ODA) two-step loan will be managed by state-owned Myanma Economic Bank under its SME […]

Shrouded in secrecy, SOE profits are not financing country’s development

Reallocation of excess savings from Myanmar Gems Enterprise (MGE) and Myanma Oil and Gas Enterprise (MOGE) alone could provide more than K2.8 trillion in available financing for the government’s budget in the fiscal year starting from October, on top of covering expenses of the two state-owned enterprises. The government has lost more than US$2 billion […]

Nationwide expansion to drive Wave Money’s growth

Though 80 per cent of the population remains unserved by Myanmar’s banking system, Wave Money aims to enjoy much higher growth over the next few years thanks to its continuous expansion of distribution network, said the firm’s top executive. Brad Jones, chief executive officer of Wave Money, said in an exclusive interview the firm has […]

Government Commits to Long Term Aquaculture Development; Starts Dialogue on Issues

Myanmar has taken its first major step towards developing a sustainable aquaculture industry that will meet domestic dietary needs and support the country’s fishery exports business at a time when wild fish stocks are declining rapidly. “The fisheries sector is one of the most important for our ministry, contributing to the protein needs of our […]

Online Tax Payment System to Be Introduced in February

Instead of making tax payments in cash, a more convenient online payment system will be implemented by the state banks early next year, said deputy director general Dr Khine Shwe Whar from the Central Bank of Myanmar (CBM). “This online customer-to-customer transfer (CCT) payment system will start in February 2018,” she said in a meeting […]

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 […]

India demonetisation effect: Cancelled notes still sitting heavy in Myanmar’s purse

KOLKATA, NOVEMBER 15: The famous Shwedagon or Golden Pagoda in Yangon attracts a large number of Indian visitors, most of whom donate to the Buddhist place of worship. In November 2016, when Prime Minister Narendra Modi announced the demonetisation drive, the pagoda had donations worth ₹56,500 in the cancelled notes. The money is still lying […]

KBZ launches Yangon stock exchange settlement system

Kanbawza Bank signed yesterday with the Yangon Stock Exchange (YSX) to run settlement and clearing operations for Myanmar’s first modern bourse. Last April the bank was chosen from among six local private banks who applied for the role to the Securities and Exchange Commission (SECM) of Myanmar. It will be responsible for delivering payments for […]

Over-the-counter share prices rise ahead of new stock exchange launch

As investors await the first listings on the Yangon Stock Exchange, the price of over-the-counter shares in a number of well-known public companies has risen, amid expectation that the companies will list on the country’s first modern bourse. Workers prepare the new Yangon Stock Exchange building for today’s launch. Photo: Aung Myin Ye Zaw / […]

Myanmar to announce underwriter licensees next month

Myanmar to announce underwriter licensees next month YANGON, May 28 (Xinhua) — Myanmar’s Securities and Exchange Commission will announce winners of underwriters’ licenses next month as part of its process in establishing the country’s first ever stock exchange, official media reported Thursday. So far, 20 private security companies out of 57 have applied for underwriters’ […]