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
September 11, 2019 by
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
September 9, 2019 by
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
February 28, 2017 by
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 […]
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