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 […]

10 Singapore-listed enterprises put FDI of over $1 bln in Myanmar as of 31 Aug

TEN Singapore-headquartered enterprises pumped foreign direct investments of US$1.089 billion into Myanmar in the past five months (April-August) of the current financial year 2022-2023, the Directorate of Investment and Company Administration’s statistics showed. Singapore companies mainly put investments into urban development, real estate, power and manufacturing sectors. Also, Qatari telecommunication company Ooredoo has signed an […]

Citizenship scrutiny cards required for remittance, withdrawal of wave money

THOSE who want to transfer or withdraw money through Wave Money, a mobile financial services provider, need to take citizenship scrutiny cards, according to Wave Money’s statement on 8 September. To secure mobile financial services for the users, security measures for mobile money remittance are stepped up. Therefore, citizenship scrutiny cards have become obligatory for […]

Ooredoo reaches deal to exit Myanmar

Ooredoo Group finalised an agreement to sell its Myanmar unit to Singapore-headquartered Nine Communications for an estimated $576 million, a move marking the exit of the second mobile operator with overseas shareholdings from the troubled country. Aziz Aluthman Fakhroo, CEO and MD of Ooredoo, stated the decision to exit Myanmar had been difficult and came […]

SAC Chair invited investors to invest in Myanmar’s oil and natural gas and mining sectors in his speech at the EEF

Myanmar has invited to invest in its oil and natural gas sector, mining sector, agriculture and livestock-based high-value food production sector, energy sector, tourism sector and garment sector, said Chairman of the State Administration Council (SAC) and Prime Minister Senior General Min Aung Hlaing. Senior General Min Aung Hlaing added the above in his speech […]

If Ruble, Yuan and Rupee can be used instead of US dollars in world trade, the financial bullying of big countries will be overcome: SAC Chair

If the Ruble, Yuan and Rupee could be used instead of US dollars in the world trade, the financial abuse of big countries would be overcome, said the chairman of the State Administration Council (SAC) and Prime Minister Senior General Min Aung Hlaing. He added the above in his speech at the 7th Eastern Economic […]