Thilawa SEZ Commences Second Phase of Project

​​ RANGOON — Rangoon’s Thilawa Special Economic Zone (SEZ) management committee members said they expect to complete the 250-acre second phase of the project in mid-2018, during a commencement ceremony at the SEZ’s new Zone B on Friday morning. Thilawa SEZ is located between Kyauktan and Thanlyin townships, 14 miles from downtown Rangoon. The project […]

Central Bank May Liberalise Trade Financing for Foreign Banks

​​ The Central Bank of Myanmar may allow foreign banks to launch trading services if local banks are unable to facilitate trade financing for importers and exporters, Central Bank director general U Win Thaw told the Myanmar Times. “The Central Bank has already allowed local private banks to do trade financing. If they [local private […]

CB issues Reminder on Currency use but Dollar Shortage Remains Issue for Banks

​​ The Central Bank has reissued an instruction that the kyat should be used in all local transactions in an effort to help stabilise the exchange rate. But a senior official in the foreign exchange management department has said the regulator also wants to help route more foreign currency transactions through banks. The Central Bank […]

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 […]

Myanmar Firms Ponder Change As US Sanctions End

The end of US sanctions on Myanmar is forcing local businesses to take a hard look at their operations and consider how they will compete when international firms have gained a significant foothold in the country’s major industries, local economists and entrepreneurs have said. “People have said the reason Myanmar produces lower quality goods is […]

Central Bank manoeuvres rise in kyat value

The value of the Myanmar kyat has risen due to the efforts of the Central Bank of Myanmar, according to Xinhua News Agency. The kyat value rose gradually starting from the beginning of this year following a year of declining value compared to the US dollar, according to local money changers. On 2 April, US$1 […]

Surging kyat closes foreign exchange desks

  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 […]

Sparse starting point for first New City

Driving northeast from East Dagon township along Number 2 Main Road, the city of Yangon fades away and is replaced by rice fields and idle land. The area is dotted with a few small villages, but given the distance between the area and downtown Yangon, it is thinly populated and underdeveloped. Other than this low-cost […]

Thilawa interest coming from Japan

Over half of the 42 companies that have committed to building in Thilawa special economic zone are Japanese firms, according to U Myint Zaw, general manager of Myanmar Japan Thilawa Development. While there are currently no factories up and running at the site, construction is moving forward and some of the factories ought to be […]

Central Bank Needs More Independence: MP

The Central Bank of Myanmar still can’t carry out many basic tasks without government intervention despite the enactment of the Central Bank Law, which allowed the financial regulatory body more freedom, a member of the parliament said. The Central Bank of Myanmar (CBM) Law was signed by the president, U Thein Sein, on July 11, […]