Trafigura’s Puma Energy to sell Myanmar business to local private company

TRAFIGURA’S Puma Energy, which is the main supplier of aviation fuel in Myanmar, has signed an agreement to sell its stake in Myanmar to a local private company, according to the official statement on 5 October. Following a board decision to exit Myanmar earlier this year, Trafigura’s Puma Energy has signed an agreement to sell […]

Private banks hike interest rate to 9% per annum to attract more deposits

SOME private banks have increased the interest rate to 9 per cent per annum on fixed deposit accounts to attract new savers. Kanbawza Bank (KBZ), which has the most branches across the country, increased the interest rate to nine per cent per annum for 90 days fixed deposit accounts and 9.25 per cent per annum […]

Korea-Myanmar Industrial Zone project to be completed by 2024

ABOUT US$120 million will be invested in the Korea-Myanmar Industrial Zone (KMIC) Project phase 1 in Hlegu Township, Yangon Region, and it is planned to be completed by the end of 2024. The industrial zone project will be implemented in two parts on a total land area of 555.81 acres. Forty per cent of the […]

Kawthoung, Myeik Archipelago eye more visitors in October

THE open season for travel is drawing near, and preparations are being made for local and foreign visitors to the islands in the Kawthoung and Myeik districts of the Taninthayi Region, according to the Directorate of Hotels and Tourism (Nay Pyi Taw). The local and foreign travellers start visiting the islands of Kawthoung and Myeik […]

Myanmar to use Russian MIR card for Russia-Myanmar direct payments in Nov

MYANMAR plans to use the Russian MIR card for the direct payments between the Russian rouble and Myanmar kyat, said Maj-Gen Zaw Min Tun, SAC Information Team Leader at the 20th press conference. He stated that authorities are working to use the Russian MIR card as a payment system for business and trade activities in […]

Mobile money transfer accounts will be cancelled unless they are Level 2: CBM

THE Central Bank of Myanmar (CBM) announced on Friday that the mobile money transfer accounts will be cancelled if they are not upgraded to Level 2. The CBM makes efforts for the emergence of a secure and quality national payment system, as the technologies are well developed, the money transfer services can be made easily […]

New regulation on Visa Extension for foreigners wef 14/9/2022

According to the new announcement, with effect from 14 September 2022, the following new regulations shall apply to all Recommendation Letter applications: To apply for a Recommendation Letter, employers shall submit the following documents and information with DICA: Source: MOIP

MIC nods 35 foreign projects worth $1.2 bln in 5 months

THE Myanmar Investment Commission gave green light to 35 foreign projects from six countries in the past five months (April-August) of the current financial year 2022- 2023. The country attracted the capital of US$1.23 billion, including expansion of capital by existing enterprises, according to the Directorate of Investment and Company Administration (DICA). Those enterprises are […]

CMP constitutes 26% of overall export values in H2 of mini-budget period

MYANMAR’S garment exports in the second three months of the 2021-2022 mini-budget period (October-March) accounted for over 26 per cent of overall export earnings, according to the announcement of the Ministry of Planning and Finance. During the first half of the mini-budget period, Myanmar generated US$1.055 billion from garment exports. The income in the second […]

Myanmar workers accuse compatriot of visa swindle in Thailand

Thirteen Myanmar workers on Tuesday filed a complaint with police, accusing a Myanmar woman of swindling them each out 10,000 baht for promised alien identification cards and visa extensions she failed to provide. They were led by Me Tu, 53, and accompanied by lawyer Krisda Trisanputtachart when they filed their complaints with Samrong Tai police […]