Representatives of Parliament have urged lawmakers to review an existing law under which the government must bail out loss-making State-owned enterprises (SOEs) with public funds. A total of 17 out of the 26 Myanmar SOEs under the Union budget are expected to turn a profit in 2018-19, commencing October 1, according to the Ministry of […]
Myanmar Wants to Modernize Its Banking System
March 14, 2017 by
Myanmar is embarking on the first comprehensive audit of state-owned banks in decades, part of a push to modernize the financial system and tackle risks to the nation’s rapid economic growth. The World Bank is working with Aung San Suu Kyi’s government on the project and the results will help to clarify options for restructuring […]
US eases Myanmar sanction to aid business
May 17, 2016 by
Photo Credit: File Photo from Nov. 14, 2014 meeting between Obama and Aung San Suu Kyi in Yangon (Nyein Chan Naing / European Press Photo Agency) The US government has removed 3 government banks and 7 government agencies responsible for promoting investment and export in various sectors of this resource rich country off the sanction […]
Surging kyat closes foreign exchange desks
February 11, 2016 by
Local banks suspended foreign currency exchange services yesterday as the kyat surged in value against the dollar, with financial industry sources variously pointing the finger at political speculation, market rumours and a lack of clear Central Bank policy. The kyat strengthened to K1248 against the dollar yesterday, according to the Central Bank’s rate, after […]
Government restricts forex to banks
December 25, 2015 by
Exporters and importers must use banks for foreign currency transactions, according to new government regulations. The new rules would be another step toward a functioning interbank currency market, but bankers are doubtful they can be immediately enforced. The government amended its 2012 Foreign Exchange Management Law last week to prevent exporters from selling foreign currency. […]
Indian bank finances Myanmar irrigation projects
March 26, 2015 by
The Export and Import Bank of India has given a US$198.96 million [K198.96 billion] line of credit to the Myanma Foreign Trade Bank for financing several irrigation projects, according to the Reserve Bank of India on March 23. The EXIM Bank’s credit will finance 18 irrigation projects in Myanmar. Out of the total credit by […]
Myanma Petrochemical Enterprise to invite open tender for Petroleum Coke; Closing Date: October 31st, 2014
September 29, 2014 by
Subscribe to our tender alert mailing list The Government of the Republic of the Union of Myanmar Ministry of Energy Myanma Petrochemical Enterprise Auction for Petroleum Coke Tender No.(1) The Myanma Petrochemical Enterprise (MPE), the Ministry of Energy, hereby announces a tender for auctioning the 3,000 (±5%) metric tons of petroleum coke (FOR EXPORT ONLY) […]
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