Central Bank of Myanmar approves loans without collateral

Local banks are now permitted to extend loans without the need for collaterals, U Set Aung, Deputy Minister at the Ministry of Planning and Finance, told The Myanmar Times at the 5th Asia SME Conference in Naypyitaw on October 14. “The Central Bank of Myanmar (CBM) has allowed local banks to provide loans without movable […]

Moderate level of inflation good for economy, say economic experts

A moderate level of inflation is good for the economy, whereas deflation has a negative impact on the country’s economy at a particular level, said U Maung Maung Win, deputy minister for Planning and Finance. What is important is to exert efforts to effectuate the development in economy, boost the livelihood of people and scale […]

Central Bank to Reform Reference Rate

​​ The Central Bank will reform its daily dollar auction system as part of an attempt to address the weakening kyat, deputy governor U Set Aung told Myanmar’s business community last week. The deputy governor, along with vice president U Myint Swe, Minister for Finance and Planning U Kyaw Win and Yangon Region Chief Minister […]

Ambitious target set for upcoming bond auctions

The government has set an ambitious target for its upcoming Treasury bond auctions next month, aiming to sell about K1.85 trillion (US$1.53 billion) in debt, to account for 60 percent of its domestic borrowing for this year’s budget, a senior official from the Central Bank told the Pyidaungsu Hluttaw last week. Speaking during a parliamentary session […]

CBM Net to bolster domestic bond market

The Central Bank of Myanmar’s new real time settlement system should help create a more liquid secondary market for Treasury bonds, and help banks manage their collateral, the central bank’s deputy governor said. The system’s immediate benefit to banks is saving hours of work that would be spent manually clearing and settling transactions. Central Bank […]

Companies begin to feel the heat as import costs climb

Myanmar’s plummeting currency has prompted a vicious circle of rising prices in the import-dependent economy, in which even export-driven companies face rising costs, say businesspeople. New laws and regulations are urgently needed to control the kyat, they said, which has fallen by more than 25 percent to the US dollar this year to K1300 yesterday, […]

Maybank Yangon’s revenue growth to come from lending, transaction banking in 5 years

Maybank International’s chief executive officer Pollie Sim said lending will be driven mainly by working capital financing and transaction banking by Myanmar’s growing international trade and demand for cash management, especially as projects are completed and operationalised. “We believe that Maybank’s success in Myanmar hinges on the growth of Myanmar’s financial sector,” she said in […]

A quiet ride turns tumultuous for forex

The kyat is set to depreciate about 6 percent against the US dollar in 2014, unless there’s another significant change in value before the end of the year. The first three-quarters of the year were quiet for the kyat. Experts say a sudden depreciation begun in October is due not just to the domestic economy […]

Thilawa attracting foreign firms as tenants

Thilawa has attracted formal interest from dozens of companies, but competitors say local firms are reluctant to commit to the long-term leases required by the special economic zone. Myanmar Japan Thilawa Development Company (MJTD) has received letters of intent from 60 foreign companies to participate in the zone and reached formal agreements with about 15, […]

Thilawa SEZ Construction Permit by July

Construction permits for Thilawa Special Economic Zone will be granted by July, U Set Aung, chairman of Thilawa SEZ Management Committee, said. Most of the countries seeking permit are from Asia, he added. A total of 45 companies from 11 countries have currently applied for permits for the 394-hectare (960 acres) Class A area, which […]