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Representatives call for review of SOE law

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 […]

Adjustment to Dawei contract eyed

THE Myanmar-Thailand Joint Coordinating Committee (JCC) for development of the Dawei Special Economic Zone (DSEZ) has agreed to work on ways to speed up construction of the initial phase of the project. To do so, it is considering renegotiating the initial-phase contract to make construction of the 138-kilometre two-lane road link between Thailand and Myanmar […]

US eases Myanmar sanction to aid business

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

  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

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. […]

Forex-starved lenders ask Central Bank for policy shift

Private financial institutions want the use of Nostro accounts — held in a foreign country and denominated in the currency of that country — to become mandatory for banks making import payments on behalf of clients, according to sources at private banks. The Yangon Foreign Exchange Market Committee submitted the policy request to the Central […]