The Ministry of Planning and Finance has issued a statement on February 19 that income tax will not be levied on interest from bank savings and deposits. The statement means that tax on interest from bank deposits will be exempted in the coming 2017-18 fiscal year. However, interest from bank deposits is not the […]
Central Bank Exchange Rate Reforms to Start From January Next Year
December 23, 2016 by
After years of complaints that its US dollar reference rate fails to reflect market reality, the Central Bank has announced a shift in how it determines the figure. In an effort to narrow the gap between the bank’s rate and that of the wider market, the regulator has announced it will start basing its […]
Bandwidth Tender Suspended Again
August 2, 2016 by
Subscribe to our tender alert mailing list The tender for a 2600MHz licence has been suspended yet again due to objections from two major telco players, Ooredoo and Telenor. “We will call tender for two types of frequencies. 2600MHz will be offered first, then 1800MHz will be next. Any spectrum licence holder can apply for […]
NLD leader’s next challenge: the bureaucracy
March 28, 2016 by
Staff in the four ministries soon to come under Daw Aung San Suu Kyi’s management have welcomed her appointment, telling The Myanmar Times they hope she can accelerate administrative reforms in the civil service. But analysts and insiders have cautioned that she will face myriad challenges in cleaning up the bureaucracy and upholding promises of […]
CBM buys dollars to ‘reduce panic’
March 14, 2016 by
The Central Bank has bought over US$40 million dollars from private lenders in just five days to “reduce panic and prevent volatility”, a Central Bank official told The Myanmar Times, while banks this week once again imposed limits on foreign exchange due to volatility. Private banks started their sudden net transfer of dollars to the […]
Surging kyat closes foreign exchange desks
February 11, 2016 by
Local banks suspended foreign currency exchange services yesterday as the kyat surged in value against the dollar, with financial industry sources variously pointing the finger at political speculation, market rumours and a lack of clear Central Bank policy. The kyat strengthened to K1248 against the dollar yesterday, according to the Central Bank’s rate, after […]
AGD Bank prepares IPO as profits drop
November 2, 2015 by
Asia Green Development Bank is preparing to launch an initial public offering, or IPO, on the soon-to-open Yangon Stock Exchange (YSX), though profits are down substantially on last year. The bank’s net profit was K112.6 million for the 2014-15 fiscal year, far lower than K9.6 billion the previous year, officials said at the fifth annual […]
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