September 10, 2013
Source: Democratic Voice of Burma
The Central Bank of Myanmar is considering lowering Burmese interest rates to bring them in line with international borrowing and lending standards.
Currently, the Central Bank sets lending rates at 13 percent per annum while banks offer 8 percent for savings, significantly higher than Burma’s Southeast Asian neighbours where rates are generally fixed at around 2.5 percent for loans and 3 percent on savings. More…
July 15, 2013
Reposted from Myanmar Times
A motorist fills up his car in Yangon. The price of petrol has risen about K30 a litre since late April and is expected to climb further due to the kyat’s decline against the US dollar.
By Aye Thida Kyaw
With the kyat declining and a speculative boom in the property market driving up the cost of living, economists warn inflation could spiral out of control.
Economists are warning that the kyat’s near 10 percent decline against the US dollar this year, coupled with a speculative surge in property prices, could cause inflation to spiral out of control. More…
July 11, 2013
Reposted from Channel NewsAsia
File photo of a Buddhist monk walking past newly-introduced ATM machines in Yangon, Myanmar.
Myanmar is set to enact a new law in the coming days giving greater independence to its central bank, officials said Wednesday, in the latest economic reform aimed at enticing foreign investors.
The new legislation was approved by lawmakers on Monday and is expected to be signed into law by President Thein Sein by this weekend, although the details have not yet been made public. More…
January 29, 2013
Reposted from The Myanmar Times
Asia Green Development Bank is aiming to become a public company in preparation for the formation of Myanmar’s stock exchange in 2015, company officials said last week.
The bank will become a public company if its board approves the decision and the Directorate of Investment and Companies Administration also gives the green light, said AGD’s deputy managing director, U Thet Lwin Shwe. More…
December 17, 2012
Reposted from Eleven Myanmar
Myanmar’s foreign exchange rate remained stable in the last three months of the year, after the government introduced reforms in April and ended 35 years of a fixed rate.
As a result, businessmen have expressed more confidence in the trading and investment sectors.
In April, the exchange rate was 815 kyats to a US dollar; it increased to 837 kyats in May and 844 kyats in June. More…
November 6, 2012
Reposted from The Myanmar Times
By Zaw Win Than
“We are proud to partner with Kanbawza, Co-operative, and Myanmar Oriental banks” – Peter Maher (Visa Group country manager of Southeast Asia)
Visa, the world’s largest payment network, signed its first licensing agreements in Myanmar with three domestic banks at Sedona Hotel in Yangon on November 3.
The domestic banks are Kanbawza, Co-operative and Myanmar Oriental. More…
July 18, 2012
Reposted from The Wall Street Journal
Parliament building in Naypyitaw, Myanmar
By Gaurav Rghuvanshi
SINGAPORE—Myanmar’s parliament is expected to approve a foreign-investment law by the end of July, a senior government official said, as the resource-rich nation seeks more investment to pull its people out of poverty. More…
June 8, 2012
Reposted from The Washington Post
Workers count Burmese kyat currency at a bank in Yangon, Myanmar.
YANGON, Myanmar — Myanmar will issue next week a 10,000-kyat bank note that will be the country’s highest-denomination currency, the country’s central bank announced Thursday.
State television news broadcast a brief statement from the bank announcing the June 15 release of the new note, worth about $12.
The current highest denomination bank note, 5,000 kyat, was introduced in 2009. More…