Myanmar Payment Union to Upgrade ATM Card System

RANGOON — The Myanmar Payment Union (MPU) signed with Vietnamese telecom multinational FPT and the National Payment Corporation of Vietnam (NAPAS) on Sunday to initiate a financial switching system, Zaw Lin Htut, chief executive officer of the MPU, told The Irrawaddy. As MPU’s partners, FPT and NAPAS will—starting this year—help facilitate a system upgrade for ATM […]

Banks Reminded to Accept Foreign Currency in ‘All’ Conditions

RANGOON — The Central Bank of Myanmar is encouraging patrons to lodge complaints if they have been turned away by banks for trying to exchange US dollars that are not in mint condition, according to an official from the Foreign Exchange Management Department. Until recently, currency exchange points would only accept US bank notes if […]

Central Bank Looks to Mobile Banking to Ramp Up Financial Inclusion

RANGOON — The Central Bank of Myanmar (CBM) revealed on its website on Monday the official rules and regulations for mobile financial service providers (MFSPs), seen by observers as a way to reach more rural customers throughout Burma. The regulations detail the application requirements, such as how to acquire a registration certificate and pay relevant […]

Uncertain Political Landscape Causes Further Instability to Kyat

RANGOON — An already-unstable exchange rate dropped again this week in the local market due to less demand, a change observers attributed to uncertainty ahead of Burma’s presidential nominations in Parliament. While the Central Bank’s rate remains at 1,230 kyats to one US dollar, the unofficial rate on the local market has dropped from 1,240 […]

Yangon Stock Exchange to open amidst suspicion

Many analysts believe the Yangon Stock Exchange, which will be fully operational by March this year, is opening with unfair advantages and possible conflicts of interests. The Yangon Stock Exchange (YSX) automatically entered the US sanctions blacklist as the Myanmar Economic Bank, an entity already sanctioned by the US Treasury Department’s Office of Foreign Assets […]

Real estate roller-coaster

After shooting up in 2013 and 2014, excessive speculation and political uncertainties combined are pushing down exorbitant rents Rental rates for luxury apartments in some parts of Yangon have been steadily declining since September 2014, while rates for basic apartments have remained stable, according to real estate market forecasts. “The rental charges in the real […]

Is the property bubble set to burst?

Economists are becoming increasing alarmed by rising speculation in real estate, saying it will disrupt or undermine the economic progress Myanmar is making. “Land prices are likely to rise in this time of economic transition. It will stop itself when the time comes. Like a balloon, it swells gradually and when it beyond the limit […]

Myanmar faces big setbacks to implement stock exchange say deputy minister

Myanmar is facing big problems to implement a stock exchange including the need for skilled workers, according to Deputy Minister for Finance and Revenue Maung Maung Thein. The challenge is to have enough employees who have the necessary skills to organise Stock Exchange Commission (SEC), to have building for stock exchange, to have basic infrastructure […]

JICA Meets with Thilawa Villagers Over Relocation

Representatives of villagers being relocated to make way for the Thilawa Special Economic Zone on Tuesday met with the Japan International Cooperation Agency (JICA) to discuss the ongoing dispute with the Rangoon government over compensation. With work on the deep-sea port, industrial zone and residential project slated to begin at the end of the month, […]

Govt Measures Fail to Cool Yangon’s Overheated Property Market: Experts

Property prices in Rangoon continue to soar and government measures to cool down the real estate market in Burma’s biggest city are failing to make an impact, according to property agents and economists. They said the government should revise its property tax policies in order to stop further price rises. Currently, real estate buyers can […]