Myanmar Business Leaders Bullish on Future Under Suu Kyi-

TOKYO — Business leaders in Myanmar are confident in the country’s future under the National League for Democracy government headed by de facto leader Aung San Suu Kyi, although they say improvements in infrastructure and the banking sector are needed to assure growth. Speaking at a Myanmar economic forum sponsored by Nikkei Inc. in Tokyo on […]

Myanmar forest-cutting continues despite government efforts

PINLEBU, Myanmar (AP) — The hills of northern Myanmar’s Sagaing region were so legendarily thick with forests that in the days of kings, condemned criminals were ordered into the woods as a death sentence. Today illegal logging has left vast swaths of bare patches, with only a handful of old-growth stands. Despite a temporary ban […]

Louder calls for more spending on education sector

Several businessmen and politicians have agreed that Myanmar should urgently increase spending on education and health, which, despite increases in recent years, remains the lowest in Asean. During a recent parliamentary discussion on the 2015-16 budget bill, MP Maung Toe said: “Although the education budget has increased, it’s still low. There is still no adequate, […]

Myanmar’s Leading Private Banks to Raise Saving Rates

YANGON — Some of Myanmar’s leading private banks are set to raise interest rates on savings accounts in the hope of attracting new savers, according to Bankers. Four of the country’s 20 private banks—Kanbawza (KBZ) Bank, Asia Green Development Bank, CB Bank and Myanmar Apex Bank—are said to be planning to set rates for savings […]

Myanmar Govt May Let Foreign Banks Operate This Year

YANGON — Some foreign banks may be allowed to operate in Myanmar later this year although initially they will only be allowed to have branches in certain areas and offer a limited range of products, government and banking sources said on Tuesday. “The president last week formed a committee to choose five to 10 out […]

Myanmar may let foreign banks operate this year: Sources

YANGON — Some foreign banks may be allowed to operate in Myanmar later this year although initially they will only be allowed to have branches in certain areas and offer a limited range of products, government and banking sources said on Tuesday. “The president last week formed a committee to choose five to 10 out […]

Burma’s Central Bank Expected to Submit Monetary Policy

RANGOON — Burma’s Central Bank is expected to submit a new monetary policy during Parliament’s next session, which begins late this month, a lawmaker said. The Central Bank is currently working on a plan to allow foreign banks to operate in the country, a central part of the government’s reforms to modernize the long-isolated financial […]

CB Bank to Issue Prepaid Debit Cards for Domestic, International Use

Burma’s Central Bank has given private lender Cooperative Bank the green light to issue internationally accepted prepaid debit cards, a senior Central Bank official said this week, in a first for the country’s antiquated financial system. The “Easi Travel” prepaid card was made available this week for pre-order, and holders-in-waiting are being told the cards […]

Ways Old and New Clash in Myanmar’s Money Transfer Market

Eight months after the global money transfer giant started operations in Burma, Western Union says people in 107 countries have sent money to the previously sanctioned Southeast Asian country. With eight local banks onboard as in-country partners, the company has 280 agents across Burma, covering all of the country’s states and regions, bar the hard-to-access […]

Strict Lending Rules Limit Growth of Hire Purchase in Myanmar

Hire purchase is failing to catch on in Burma due to strict Central Bank rules limiting the length of credit agreements and demanding large amounts of paperwork from consumers, observers said this week. After private banks began to prosper in the country once again in 2010, there were signs a hire purchase market would take […]