Traders at the Myanmar-China border were encouraged to use the kyat and renminbi as the main means of commerce and exchange at a financial workshop organised by the Industrial and Commercial Bank of China Limited (ICBC) and the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI), last week. “As Myanmar’s main border […]
Expect kyat to depreciate over the next two years: Fitch
August 27, 2019 by
The Myanmar kyat could weaken in the coming quarters as a result of renewed trade tensions between the US and China and resistance against pressure to slash interest rates by the Federal Reserve. According to forecasts released by Fitch Solutions Macro Research this month, the kyat is expected to weaken to K1600 per US dollar […]
Lawmaker urge parliament to include jail terms in labour law amendment
December 14, 2018 by
In 2014, Myanmar enacted an amended Labour Dispute Settlement Law. Three years later the Ministry of Labour, Migration and Population submitted a second amendment bill to Pyithu Hluttaw (Lower House), which discussed and approving the amendments. The bill was then sent to Amyothar Hluttaw (Upper House). Dr. Khin Ma Gyi, an Amyothar Hluttaw Representative, urged […]
Domestic airlines will not raise airfares yet despite rising fuel prices
October 18, 2018 by
Despite rising global oil prices, domestic airlines have no plans yet to raise airfares to compensate for higher jet fuel costs. They said this will help encourage domestic air travel while the number of foreign travelers within the country is still low. “We haven’t increased our fares even though fuel costs have risen. We have […]
Ordinary folk feel the pinch from tumbling kyat
October 3, 2018 by
The downward spiral of the kyat against the US dollar has taken its toll on the prices that people have to pay for everyday items like rice, fish, meat, and vegetables. Housewives complain that even the prices of salt, fish paste and other condiments that are staples for ordinary folk have increased. The prices of […]
Five sectors driving Myanmar’s economic growth in 2018-19
September 24, 2018 by
Myanmar’s economy has taken a beating in recent quarters, with a rising number of companies reporting tougher business conditions and a slowdown in market demand. One of the main reasons is the rising foreign exchange rate. Despite a slew of measures taken by the Central Bank, which included pumping millions of dollars from its reserves […]
Myanmar notes record high gold price
September 19, 2018 by
The price of gold has reached a record high of about 996,500 Kyat per tical on 14 September, thanks to the rising US dollar exchange rate, according to a report in the Global New Light of Myanmar on 15 September. According to the markets the global gold price stands at US$1,206 per ounce at present. […]
UMFCCI calls on Myanmar gov’t to stabilize exchange rate
September 3, 2018 by
YANGON, Aug. 30 (Xinhua) — The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) has submitted a plan to the government for stabilizing the rising exchange rate, the official Global New Light of Myanmar reported Thursday. The four-point plan, submitted to State Counselor Aung San Suu Kyi during a recent meeting with […]
Kyat rebounds after re-export activities suspended
August 27, 2018 by
The spike in the exchange rate between the US dollar and Myanmar kyat appears to have tapered after the Ministry of Commerce (MOC) on August 17 temporarily suspended re-exports of sugar and diesel. “We suspended re-exports of sugar and diesel because the cash flows involved are huge enough to influence the exchange rate,” said U […]
Operators unfazed as Myanmar slows
August 27, 2018 by
YOUNG entrepreneurs in Myanmar remain upbeat on the country’s economic outlook despite weakening of the kyat, high inflation and delay to reform. “It is not good if you look at the exchange rate. The kyat is retreating against the US dollar and Thai baht, We are in a unstable period,” May Mon Thu, managing director […]
