Digital tech slowly seeping into Myanmar, but still a long way to go

Myanmar is trying to learn the ropes of recent advances in digitization that ease the often frustrating burden of manual, paper-based administrative and business procedures. The country’s first digital customs management system, the Myanmar Automated Cargo Clearance System, was launched on Nov. 15 at the customs offices near the Port of Yangon, the largest trading […]

Dollar Exchange Rate Climbs, Shakes Up Burma’s Business Community

RANGOON — The US dollar exchange rate—at its highest since the new government came to power in April—has Burma’s business community looking for better trade policy. “In the black market, the exchange rate is currently 1306 kyats [US$1] per dollar; it’s too high for importers. If the import demand increases, it could impact the prices […]

Foreign Exchange Rate Reaches Ks1,285 Per US Dollar, Local Gold Price Rises

The foreign exchange rate has risen up to Ks1,285 per US dollar and the local gold price raised its head at over Ks863,000 per tickle despite the stable world gold’s price on the decline, it is learnt from the foreign currency’s black market and the gold dealers. The foreign exchange rate at the black market […]

CBM plans to practice RTGS online

The Central Bank of Myanmar (CBM) has planned to practice Real Time Gross Settlement (RTGS) online to transfer money between banks and customers, according to a CBM representative. The online system can save time, but according to the report, banks must build trust between one another. Currently, a small number of banks use the system […]

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 […]

Mobile money regulations released

The Central Bank of Myanmar has released regulations on mobile financial services, widening a market previously limited to banks to include non-banking financial institutions. The Central Bank announced yesterday that it had issued rules on mobile financial services at the end of last month to build an enabling regulatory framework for efficient and secure mobile financial services […]

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 […]

Korean Investment in Burma Likely to Increase

RANGOON — After a delegation from the well-known South Korean Daewoo Group of Companies met with Burma’s outgoing president on Tuesday, there is speculation that the country plans to increase investment in Burma. During the meeting between Thein Sein and Daewoo CEO Young-Sang Kim, the topics of discussion included investment in Burma’s hotels, energy, mining […]

Microfinance in Myanmar: A Silver Bullet to Stamp out Poverty?

  The passing of the Microfinance Law in 2011 led to a rapid influx of Microfinance Institutions (MFIs) in Myanmar. As of December 2015 there were over 256 MFIs operating in Myanmar, all competing to crack the estimated 33 million unbanked residing here. It is believed informal money lenders charging extortionate interest rates will become […]

Myanmar to sell gov’t treasury bonds thru competitive bidding system

The Central Bank of Myanmar is planning to sell long-term government treasury bonds through competitive bidding in addition to current two-year, three-year and five-year treasury bonds, an official report said Wednesday. To prepare for issuing the long-term treasury bonds, the central bank has held a workshop involving experts from the Asian Development Bank and the […]