The Central Bank of Myanmar (CBM) will consider further liberalising interest rates and allow private banks more freedom to set their own rates to be more competitive, U Soe Min, deputy governor of the CBM told Parliament on Monday. The CBM will seek assistance and advice from the International Monetary Fund in doing so and […]
Central Bank deputy chief says businesses should pay loans
September 3, 2019 by
Banks have a fiduciary duty to ensure that the financial system remains sound and secure by adhering to regulations. Central Bank of Myanmar (CBM) deputy governor U Soe Thein said in remarks to the Pyithu Hluttaw on August 27 that this included ensuring that depositors do not lose their money and that banks collect what […]
IRD to introduce Income tax bill to parliament
June 4, 2019 by
The Internal Revenue Department (IRD) drafted a new income tax law with the help of International Monetary Fund (IMF) expert, U Min Htut, director general of Internal Revenue Department (IRD), told The Myanmar Times. He said the new legislation will modernise the rules and “effectively cover” different parts of the economy, catching up with international […]
New policy aims to raise number of new cars on the road
May 22, 2019 by
The Ministry of Industry launched a new automotive policy this month, with the aim of supporting transport and auto-related business through sustainable development and more foreign direct investments. Under the new policy, the usage of left-hand drive vehicles will be promoted for road safety purposes. Control measures on imports of used right-hand drive vehicles, which […]
Two companies picked to build new Mandalay market
April 18, 2019 by
Two companies have been chosen to build a new Mingalar Market to replace the one that burnt down in March 2016 in Mandalay city, and construction work is expected to begin at the original site this year, said U Kyaw San Myint of the Mandalay City Development Committee. The MCDC’s Tender Analysing Team chose Capital […]
Myanmar should develop domestic production to grow local economy: Czech Republic
March 15, 2019 by
Myanmar should enhance domestic production and develop its local markets, says Martin Tlapa, Deputy Minister for Foreign Affairs of the Czech Republic, during a talk entitled “Economic Transition: The Czech Experience and its Relevance for Myanmar” last week. In sharing appropriate approaches with Myanmar, Mr Tlapa said Myanmar should enhance the production of domestic products […]
Alibaba aims to grow five times bigger in Myanmar by mid-2019
October 30, 2018 by
DRIVEN by rapid gains in smartphone use and people’s willingness to try new things in Myanmar, Alibaba Group plans to grow its business by at least five times in the country in the coming six to eight months, according to Frans Maas, managing director of Shop.com.mm, which is now under the fold of the Chinese […]
New Yangon City Phase-1 expected to cost over $ 1.5 bln
April 2, 2018 by
Infrastructure development of New Yangon City Phase-1 is expected to cost over US$ 1.5 billion, Yangon region Chief Minister Phyo Min Thein said at a press conference on the launch of New Yangon Development Co Ltd (NYDC) at Lotte Hotel in Yangon on March 31. Phyo Min Thein, Yangon region Chief Minister said: “The establishment […]
