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MoneyGram and MCB announce money transfer services

MoneyGram and Myanmar Citizens Bank (MCB), have announced an agreement to provide money transfer send services at every MCB bank location in Myanmar. According to a statement, consumers can send money from 42 branches to any MoneyGram location in more than 200 countries and territories worldwide. In celebration of the new agreement, MoneyGram is offering […]

Metro’s Myanmar subsidiary secures US$20m IFC loan

The Myanmar subsidiary of German retail group Metro AG has raised a US$20m loan from the International Finance Corporation, the private-sector arm of the World Bank. The subsidiary Metro Wholesale Myanmar is a 85pc-15pc joint venture between Frankfurt-listed Metro AG and Singapore-listed Yoma Strategic Holdings, offering one-stop wholesale food service distribution for hotels, restaurants, retailers, […]

Customs issues impact Singapore Myanmar Investco third quarter results

MYANMAR. Singapore Myanmar Investco Limited (SMI) has reported a 16.6% year-on-year decrease in revenue in the third quarter, to US$5.5 million. The company, which manages duty free and food & beverage outlets at Yangon Airport’s international terminal, attributed the decline to reduced retail sales as a result of Myanmar Customs restricting some key duty free […]

Japan envoy says development is solution for Rakhine

Japan’s top envoy to Myanmar said that economic development is an answer to Rakhine’s conflict and that Tokyo is considering providing aid for the state. “If there is economic development, I believe that there will be no conflict,” Japanese Ambassador Ichiro Maruyama said ahead of a Japan-backed investment fair in Ngapali. The first Rakhine Investment […]

Long term economic improvement certain, strategy needed: U Win Aung

THE government has come under pressure for its handling of the Myanmar economy, with stakeholders lamenting the slowing pace of economic reform and investment flows. During the first half of 2018, approved foreign direct investments (FDI) totalled just $1.7 billion, compared to $4.1 billion during the same period in the previous fiscal year. Meanwhile, GDP […]

Govt coffers held back by SOEs: EITI

A representative of the Extractive Industries Transparency Initiative (EITI) said Myanmar’s government fails to understand the severity of how the so-called Other Accounts of state enterprises are holding back the country’s development. EITI will be organising a workshop on reforming state-owned enterprises (SOEs) engaging in this sector will be held mid-February, according to EITI trilateral […]

Yangon’s new city to start bidding process

The government body in charge of developing the new Yangon city project announced that it will commence the bidding process in mid-February. Yangon’s regional government launched an ambitious new city project via a government-owned New Yangon Development Co (NYDC) last March. The scheme covers an area twice the size of Singapore with a target of […]

Singtel Dash e-payment system opens to Myanmar users

Myanmar nationals in the Republic will be able to send money home using mobile wallet Singtel Dash from March, under a new grant agreement signed on Tuesday (Jan 8). Singtel will work with banks, mobile wallets and cash pick-up services in Myanmar to set up safe and affordable ways for recipients to withdraw their money, […]

Govt counting on Asian travellers to boost tourism

Myanmar’s tourism sector has borne the brunt of the Rakhine refugee crisis, with growth in tourist arrivals dropping to 1 percent in 2018 compared with 7.1pc in 2017, according to the World Bank. The number of western tourist arrivals fell the most, more than offsetting arrivals from Asia. The numbers reflect reports of booking and […]

World Bank downgrades Myanmar’s GDP forecast, flags rising risks

Myanmar is forecast to grow at a slower pace of 6.2 percent this year compared with 6.8pc in the previous year, according to a report by the World Bank released yesterday. While prospects for the economy are positive over the longer term, the risks to growth for the coming year have also risen. In that […]