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Central bank official submits resignation over Parliament remarks

U Soe Thein, deputy governor of the Central Bank of Myanmar (CBM), submitted his resignation on Tuesday after the CBM saw fit to publicly clarify comments he made about the banking sector in Parliament last week, according to unconfirmed comments by an MP from the Pyithu Hluttaw’s Banking and Financial Development Committee. The MP added […]

Myanmar Central Bank unlikely to accept deputy governor’s resignation: sources

The Central Bank of Myanmar (CBM) is unlikely to accept the resignation of its deputy governor, U Soe Thein, according to government sources in Myanmar’s administrative capital Naypyitaw. “I heard that U Soe Thein submitted his resignation directly to the governor and the governor is unlikely to forward it to the President’s Office. He doesn’t […]

No need to be worried about bank loan rumours: CBM

Rumours of runaway non-performing loans (NPLs) at local banks are unfounded and the public has nothing to be concerned about, Daw Khin San Hlaing, chair of the Pyithu Hluttaw’s Banking and Financial Development Committee, said after a meeting between the committee and central bank on Tuesday evening. “The CBM reassured us that private banks are […]

Tax Exemption on Interest Income Questioned

​​ 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

​​ 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 […]

JICA loans worth Ks358bn approved

Loans from the Japan International Cooperation Agency, totalling 31.051billion yen (Ks358.39bn) were approved during the 6th Day Meeting of the 2nd Pyidaungsu Hluttaw, 3rd Regular Session to fund the economically vital Thanlyin Bridge project that will span the Bago River, the finance ministry said. “Thanlyin Bridge No. 3 is the main one linking to the […]

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 […]

Hpa-an Industrial Zone attracts only two foreign firms in six years

Only two foreign firms have invested in Hpa-an Industrial Zone in Kayin State between 2010 and 2016, according to the Kayin State Chamber of Commerce and Industry. Those foreign firms from Thailand and Japan are joint-ventures with local entrepreneurs engaged in the garment and wool enterprises, it is learnt. Thai entrepreneurs recently visited the zone, […]

Bandwidth Tender Suspended Again

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

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 […]