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Myanmar’s business confidence plummets as policy uncertainty bites: survey

YANGON (Reuters) – Business confidence among entrepreneurs in Myanmar dropped “drastically” this year due to unclear economic policy, a survey shows on Tuesday, amid growing frustration over leader Aung San Suu Kyi’s management of the fledgling economy. Suu Kyi has identified economic reform as a key goal to complete Myanmar’s democratic transition after decades of […]

From Paper to Platforms: Tax Collection in Myanmar

The International Monetary Fund forecast this month that Myanmar’s economy would rebound to 6.7 percent this year—surpassing many of its neighbors in growth. Among the National League for Democracy-led government’s economic priorities is broadening its revenue base through improved tax collection. For a cash-based country accustomed to backchannel exchanges that has continued to decentralize, reforming the tax […]

Suu Kyi’s Myanmar Problem: Where’s the Economy?

YANGON, Myanmar — Aung San Suu Kyi came to power last year with a laser focus on ending the insurgencies that have dogged Myanmar for decades. The consuming nature of that goal has led to a new problem for the Nobel laureate: falling investor confidence in her ability to manage a fast-opening $67 billion economy. […]

Free from sanctions, state-owned MFTB upgrades services

One of three state-owned financial institutions recently taken off the US sanctions list says it has made a concerted effort to upgrade its services since the current government took power in April, under instruction from the Ministry of Planning and Finance. Myanma Foreign Trade Bank, established in 1976, held a monopoly on the foreign exchange […]

IMF urges govt to control domestic bank licences

The International Monetary Fund (IMF) has urged Myanmar to control the issuing of banking licences to minimise risks with the pending arrival of foreign banks to the country. The IMF mission chief Matt Davies said on June 17 that the issuance of new domestic licenses must be carefully controlled in order to allow regulation and […]

Myanmar’s foreign investment hits US$43 billion

Total foreign investment in Myanmar hit US$43 billion in August, according to Myanmar Investment Commission (MIC). Over 600 foreign businesses invested a total of $43.68 billion in twelve sectors as of August 31, MIC reported. “Myanmar has foreign investments from 32 countries in four major sectors: energy, oil and gas, mining, and manufacturing,” said an […]