THE MYANMAR Investment Commission, a government body to facilitate both foreign and local investment, has planned plans to provide more incentives for investors in the two areas that are crucial to the country’s growth, labour-intensive industries and infrastructure development, a senior official said. According to Aung Naing Oo, secretary of Myanmar Investment Commission and director […]
Business Chiefs Call for Kyat Support
December 29, 2016 by
The Federation of Chambers of Commerce and Industry (UMFCCI) has advised the government on how to stabilise the currency. The trade body’s statement covers the inflow of foreign currencies, how to increase demand for the kyat, the export-import sector and long-term plans. The statement said the dollar’s appreciation was due to an unbalance between […]
Foreign banks finish licence legwork
October 6, 2016 by
BRIEF: E.SUN Commercial Bank and State Bank of India – the last of the foreign lenders that won approval to open branches in Myanmar earlier this year – have finished the entry process and begin this week fully licensed. The Central Bank announced late last week that E.SUN Commercial Bank and State Bank of India […]
Myanmar Payment Union to Upgrade ATM Card System
August 8, 2016 by
RANGOON — The Myanmar Payment Union (MPU) signed with Vietnamese telecom multinational FPT and the National Payment Corporation of Vietnam (NAPAS) on Sunday to initiate a financial switching system, Zaw Lin Htut, chief executive officer of the MPU, told The Irrawaddy. As MPU’s partners, FPT and NAPAS will—starting this year—help facilitate a system upgrade for ATM […]
Myanmar’s fast-food industry attracts US attention as sanctions ease
June 7, 2016 by
US fast-food firms could flood into Myanmar after the easing of US-imposed sanctions to improve bilateral trade and allow more financial transactions to take place. The US Treasury, for instance, has removed from a blacklist seven state-owned enterprises and three state-owned banks – the Myanma Economic Bank, Myanmar Foreign Trade Bank, and Myanma Investment and […]
Private banks impose extra charge on international money transfers
November 25, 2013 by
YANGON—Several of Myanmar private banks are charging nearly Ks 15 (US$0.015) per US dollar on international money transfers in addition to the transfer service fee, raising concerns among the local business people. “I usually work with my export earnings deposited in United Amara Bank, Asia Green Development Bank and Kanbawza Bank, especially for importing cars,” […]
