Government reforms have bettered Myanmar’s economic prospects, and the country’s banks are demonstrating impressive growth
Despite the country’s macroeconomic performance having long trailed its neighbouring Southeast Asian nations’, Myanmar now offers a range of auspicious opportunities for investors and businesses alike. Myanmar is now “set to become one of the next rising stars in Asia,” says Moo Sun, COO of Ayeyarwady Bank.
Since the inauguration of President Thein Sein in...
RANGOON—Burma’s government on Thursday denied reports that it holds up to US$11 billion worth of foreign reserves in several bank accounts in Singapore.
The figure was first mentioned by an independent financial researcher, who said that World Bank and Asian Development Bank (ADB) officials had provided him with estimates of Buma’s overseas reserves.
It is believed that the billions of dollars were stashed in Singapore by Burma’s former military junta, which for many years earned...
Myanmar is a country undergoing rapid transformation. After 50 years of political and economic isolation, the country has opened up and re-entered the global community. Following elections in March 2011 that resulted in the election of President Thein Sein, Myanmar has experienced two years of growth and development. International sanctions have been lifted and there has been a sharp increase in foreign investments, much to the delight of Myanmar’s people. Today there is a buzz and an...
There also plans to use the credit scheme under the National Export Insurance Account operated by the Bank under which government agencies can import goods and services from India.
The Export Import (EXIM) Bank will open a representative office Monday in Yangon, former capital and commercial centre of Myanmar, as India refashions its relations building diverse layers of contact with the Southeast Asian country that will chair the ASEAN bloc next year.
The setting up of the EXIM Bank...
Myanmar will start to set up a stock exchange market by 2015 with the help of Japan, local Eleven Media quoted Deputy Finance Minister Maung Maung Thein as saying on Tuesday.
Security Exchange will be established this year in line with Security Exchange Law which was passed by the parliament and promulgated in July this year.
The move of setting up the stock exchange will be done through the Ministry of Finance.
The price of real estate is expected to fall once the stock exchange...
When Singapore lawyer Chester Toh starting working in Yangon, Myanmar's commercial centre, 18 months ago, his commute to the centre took 15 minutes; now it's a 45-minute slog through increasingly clogged streets.
Call it the price of progress, or reform to be more exact.
Toh, a partner at law firm Rajah & Tann, told The Straits Times during a recent visit home: "Back then, the roads had old rickety vehicles moving at a really slow pace, not much traffic. Now you see a lot of brand new...
AHMEDABAD: The Export-Import Bank of India (Exim Bank) will open its eighth overseas office at Yangon in neighbouring Myanmar next month, a top official said here.
The bank already has presence in Singapore, Washington DC, London, Dubai, Addis Ababa, Johannesburg and Senegal.
"Myanmar offers lot of business opportunities to India. Already, we have different projects lined up in the country and to tap the country's potential in various sectors, we will open an office in Yangon next...
Fresh legislation has paved the way for a major shift in Myanmar’s financial sector, spearheaded by the separation of the central bank from the Ministry of Finance and Revenue.
The long-awaited Central Bank of Myanmar (CBM) Law was signed by the president, Thein Sein, on July 11. The legislation secures the bank’s autonomy and clarifies its responsibilities. Widely seen as one of the key building blocks in the recent round of reforms, the law is set to radically shift the way the...
Japanese banking firms are planning to provide loans through Myanmar's agricultural banks to help fund farming businesses, according to Myanmar Livestock Federation.
Kotaro Kikuchi from Japan International Corporation Agency (JICA), visited the Livestock Federation last week and queried about the difficulties faced in breeding animals and other farming practices.
"Due to political, economic and social reform processes, we [JICA] are going to meet NGOs for providing assistance. And then, we...
Visa International expects the number of Myanmar merchants accepting its credit card for transactions will climb to between 5,000 and 6,000 in 3-5 years.
Like other multinational companies jumping on the investment bandwagon in Myanmar after the US lifted economic sanctions, Visa entered the market a year ago, and about 100 local merchants have installed electronic data capture devices, with another 100 ATMs accepting Visa cards.
Visa card payment and cash withdrawal services are...
President Thein Sein has proposed that a former head of the central bank of Myanmar be brought back as governor as part of reforms that will make it independent from the Ministry of Finance, a source at the president's office said on Monday.
"In his message sent to the Union Parliament, the president last week proposed appointing Kyaw Kyaw Maung, retired central bank governor, as the governor," the senior official said, asking not to be identified.
Kyaw Kyaw Maung, a career banker in his...
Myanmar will be opened Construction and Housing Development Bank in January next year, according to Win Zaw, Managing Director of Construction and Housing Development Bank Public Company Limited.
“We have an idea for low income people to own an apartment or a house with a long term loan (20 years to 30 years) and establish a financial system,” said Kyaw Lwin, Union Minister for Construction.
The company will start sell shares soon. It is planned to sell 10 million shares with 10,000...
The dramatic fall in the value of kyat in recent months has raised alarms and left many baffled. The irony is that it was not so long ago a strong kyat caused exporters and those with earnings in foreign currencies to grieve.
Apparently neither a strong nor a weak kyat is pleasing and it is not an easy task to keep people on both sides happy. Nonetheless, wide fluctuations in exchange rates erode confidence and harm growth, something Myanmar cannot afford. Meanwhile, some of the most...
Foreign banks are not allowed to operate in Myanmar and the local banking system is rudimentary, so the interbank market is likely to be tiny initially.
"We have allowed local private banks to trade in foreign currency among themselves effective today, taking a major step forward in financial reforms," the central bank official told Reuters.
"They now can compete on equal terms with each other with compete transparency," he added, asking for anonymity since he was speaking to the media...
As part of a concerted effort on the part of the Myanmar government to modernise the country's developing financial sector, a number of recent major reforms have been made. Developments in the banking sector have been particularly noteworthy, as a relaxation in regulation and control seems to indicate the opening up of the industry to more international participation.
Myanmar President Thein Sein has signed a law giving the Central Bank of Myanmar (“CBM”) more autonomy from the Finance...
Myanmar has come a long way in revamping its financial system since the military gave up formal power two and a half years ago. The country's new civilian leaders made its central bank independent last month and ushered in several other changes meant to smooth the way for more foreign investment. And over the past two weeks, the government has allowed foreign-exchange trading between local banks, according to state media, and appointed a new management team for the central bank.
But weighty...
Myanmar, called Asia’s “next economic frontier” by the International Monetary Fund, is the new battleground for Indian companies seeking to wrest business from Chinese firms.
Export-Import Bank of India, the state-controlled trade financing institution, has pledged $800 million in Myanmar, which includes funds to upgrade the Yangon-Mandalay railway and a plant for Tata Motors Ltd. (TTMT) to assemble vehicles in the Southeast Asian nation, Executive Director David Rasquinha said. China...
BRUSSELS, July 18 (UPI) -- Opening up trade relations with Myanmar will "make a huge difference" in the country's economic development, an EU trade official said Thursday.
The European Union said Myanmar will gain duty-free and quota-free access to the European market under the terms of its so-called Everything But Arms trade regime starting Friday.
"This has the potential to make a huge difference to the country's economic development and to bring real benefits to the people there,"...
British companies will be drafted in by the Burmese government to help kick-start its financial services sector.
Last year, the majority of sanctions were lifted against Burma (now officially called Myanmar) allowing it to trade freely with the rest of the world while opening its economy up to foreign investment.
This saw Western companies clamour to enter Burma, which has a population of 59 million and was a military dictatorship between 1962 and 2011. It was once regarded as one of...
Did You Know?
Literacy Rate in Myanmar is 83 per cent and life expectancy is 57 years. ... More
