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Myanmar central bank reinstates banking hours after complaints emerge

The Central Bank of Myanmar (CBM) has reinstated banking hours to 9.30am-3pm starting May 12, after businesses and the public urged it to reconsider the current hours in the country. The CBM on April 28 instructed local banks to open from 10am to 2pm for the duration of COVID-19 to prevent the spread of the […]

Companies to receive COVID-19 loans, but discrepancies hamper number of approvals

The government has approved COVID-19 loans for 88 businesses at an interest rate of 1 percent, according to the Union of Myanmar Chamber of Commerce and Industry (UMFCCI). But the UMFCCI received more than 1600 applications for the loan on the April 9 deadline. According to U Naung Naung Han, chair of the Myanmar Tourism […]

Govt, private sector to supply food to the lower-income group

The government says that it will work to ensure that food supplies are accessible to all levels of society during the Thingyan holidays even as the country tackles the COVID-19 outbreak in the country. This was announced by the National-Level Central Committee on Prevention, Control and Treatment of COVID-19 in a statement released on April […]

SMEs start feeling effects of virus outbreak

Some small and medium-sized enterprises (SME) have started suffering from the effects of coronavirus outbreak, business owners say. “It has already affected the country’s economy very much. Especially, hotels. As they have lost customers, they have no money to pay for their employees’ salaries. Restaurants and shops are facing difficulties also. Many SME businesses are […]

Myanmar’s new barcode expected to help exporters

Myanmar launched the GS1 Myanmar barcode, an internationally recognised standard that is expected to facilitate exports, at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) last Saturday. The GS1 barcode system helps businesses find out information about the product quickly and accurately, reduce damage, and control distribution. It is also helps […]

France keen to invest more in Myanmar, says official

After a pause of eight years, France is going to expand existing investments and make new ones in Myanmar, a senior official of the Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) has revealed. “They have trust in Myanmar. As French organizations have learned there are many prospects here, they are coming to invest […]

Makro hosts networking event in Myanmar, plans Yangon branch next year

In support of sustainable economic growth in Asean, Bangkok-headquartered Siam Makro Pcl (Makro) recently teamed up with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in hosting “Business Networking with Makro”, aimed at establishing connections between businessmen and local retailers. The event on Thursday provided a stage for several Makro executives […]

Traders encouraged to use renminbi, kyat at the border

Traders at the Myanmar-China border were encouraged to use the kyat and renminbi as the main means of commerce and exchange at a financial workshop organised by the Industrial and Commercial Bank of China Limited (ICBC) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), last week. “As Myanmar’s main border […]

China proposes exclusive industrial zone with Myanmar: UMFCCI

CHINESE businessmen have proposed setting up a Myanmar-China exclusive industrial zone in Myanmar, according to U Zaw Min Win, the President of The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry. “Chinese businessmen are running factories in Hlinethaya Township. They came to us to discuss establishing a Myanmar-China exclusive industrial […]

Centre set to help improve productivity in Myanmar

Myanmar’s plans to raise economic productivity through improving human capital development will now be backed by the Myanmar Productivity Centre (MPC), an agency that aims to help the economy move up the value chain. The MPC was launched on June 22 with the support of the Ministry of Industry (MOI), Union of Myanmar Federation of […]