Govt targets 6% GDP growth in 2020-21

Parliament has approved the National Planning Law for fiscal 2020-21, under which the Myanmar economy is forecast to grow at a rate of 6 percent. In comparison, the economy was projected to expand by 7pc in fiscal 2019-20 but due to COVID-19 is now expected to have grown by just 4.3pc instead, according to official […]

Dutch bank weighs investment in Cambodia-Laos-Myanmar Fund

HANOI — Dutch development financier FMO may pour another $1.4 million into a second fund for Emerging Markets Investment Advisers in a move to bolster its portfolio in the face of COVID-19. As the international development bank of the Netherlands, FMO hopes increased funding will replenish follow-on reserves of the Cambodia-Laos-Myanmar Development Fund II. “While […]

Myanmar economy to shrink by 5 percent from COVID-19: World Bank

The report on the Survey on Myanmar’s economy from the World Bank said that COVID-19 Pandemic was a severe attack on the economy. Generally, Myanmar Economic Monitor projects Myanmar’s economy to grow at 6.8 percent in 2018-19 fiscal years. But, the rate will decline to 0.5 percent in a lower-case scenario. The COVID-19 caused the […]

South Korean investments in Myanmar halted by pandemic

Inward investments from South Korea are now put on hold because of the COVID-19 pandemic, the country’s top diplomat in Myanmar told this newspaper during an exclusive interview at the sidelines of a donation ceremony in Yangon last week. South Korean Ambassador Lee Sang-hwa said loans and programmes undertaken by Korean International Cooperation Agency and […]

World Bank fast-tracks $50 million loan for Myanmar ICU upgrade

The World Bank has fast-tracked the approval of US$50 million in loan financing for the Myanmar COVID-19 Emergency Response Project, fast-tracked by its facility as part of global emergency support operations. The funds will be prioritised for the upgrading of Intensive Care Units (ICU) at selected hospitals including all eight central level hospitals and 43 […]

Thailand’s Kasikornbank gets approval for $40 mln stake in Myanmar lender

BANGKOK, April 11 (Reuters) – Thailand’s Kasikornbank said on Saturday it plans to invest up to $40 million in a 35% stake in Myanmar’s Ayeyarwaddy Farmers Development Bank after receiving approval from Myanmar’s central bank. Kasikornbank, the country’s No. 2 bank by market capitalisation, said in a statement the investment will be done through its […]

AYA Bank to Launch Mobile Wallet

AYA Bank announced that it is soon to launch its AYA Pay mobile wallet. Designed to meet the growing needs of a mobile population, the platform will harness the latest financial technology solutions to deliver reliable, secure and instantaneous payments, according to the bank. “We hope that soon AYA Pay’s unique financial ecosystem will be […]

Myanmar Launches Online “Project Bank” for Development Projects

YANGON—The Myanmar government has launched a centralized, publicly-accessible online platform to provide information on major investment projects that fall under the country’s sustainable development plan. The newly-launched Myanmar Project Bank aims to establish “a predictable and transparent system” and provides key data such as project descriptions, status, total project cost, financing plans and project timelines. […]

Businesses lament bank rules on transfers

The practice by local banks of only allowing foreign exchange transfers after showing bills of lading is an obstacle for businesses in making trade transactions, say some business owners. After the amendment of regulations governing the management of foreign exchange transactions in the country, the Central Bank of Myanmar began allowing foreign exchange (forex) transfers […]

Myanmar’s G Bank taps Infosys to power retail banking

Myanmar-based Glory Farmer Development Bank (G Bank) has selected Indian IT firm Infosys to digitalise its retail banking business. The lender will deploy Finacle Digital Banking solution, developed by Infosys-subsidiary EdgeVerve Systems. Finacle is designed as an omnichannel enabled enterprise-class internet banking solution. It will enable G Bank to automate front and back-office operations to […]