myanmar - Banking & Finance

Myanmar launches First Ever Municipal Citizen’s Budget

The Taunggyi Township Development Affairs Organisation (DAO) has become the country’s first-ever local-government authority to publish its citizen’s budget.
Date: 06 March 2019; Type: Legal News; Source: Myanmar Times

Bankers seek Clarity over Foreign Equity in Myanmar Banks

The latest regulation by the Central Bank of Myanmar (CBM) permitting foreign institutions to invest up to 35 percent in local banks has been well-received by the banking and financial industry. However, experts have flagged the need for further clarity in its provisions.
Date: 12 February 2019; Type: Legal News; Source: Myanmar Times

CBM to publish Market-Based Reference Exchange Rate

The Central Bank of Myanmar (CBM) will publish a market-based reference exchange rate, or the aggregate of actual market rates for the day, from today onwards, according to a CBM press release.
Date: 05 February 2019; Type: Legal News; Source: Myanmar Times

Local Banks permitted to extend More Mortgages

Local banks have been permitted to allocated 5 percent of their total loan portfolio towards mortgages not exceeding three years, the Central Bank of Myanmar (CBM) said in a statement on Tuesday.
Date: 17 January 2019; Type: Legal News; Source: Myanmar Times

Central Bank permits Loans without Collateral at 16pc Interest Rate

Myanmar banks have been permitted to extend loans without the need for collateral at a maximum lending rate of 16 percent, the Central Bank of Myanmar (CBM) announced in a directive issued yesterday. The measures will take effect on February 1.
Date: 15 January 2019; Type: Legal News; Source: Myanmar Times

FMI changes Name, revises Constitution

Yangon Stock Exchange-listed First Myanmar Investment (FMI) Company announced on Saturday that it will be adopting a new name and constitution in accordance with the Myanmar Companies Law.
Date: 12 January 2019; Type: Legal News; Source: Myanmar Times

Central Bank provides New Details on Foreign-Bank Directive

Foreign banks will be allowed to expand their branch networks in Myanmar next year, according to two senior officials of the Central Bank of Myanmar (CBM) yesterday.
Date: 15 November 2018; Type: Legal News; Source: Myanmar Times

Central Bank allows Foreign Banks to lend to Local Businesses

Foreign banks in Myanmar are being allowed to provide commercial services, setting them on more equal footing with the local banks as the sector implements further reforms, U Soe Thein, Vice Governor of Central Bank of Myanmar (CBM), told The Myanmar Times on November 9.
Date: 12 November 2018; Type: Legal News; Source: Myanmar Times

Rules permitting Foreigners to Trade likely out This Year

The Yangon Stock Exchange (YSX) will release rules under the new Myanmar Companies Law which could allow foreigners to trade on the local bourse before the end of the year, U Yin Zaw Myo, managing director of the YSX, said yesterday.
Date: 10 September 2018; Type: Legal News; Source: Myanmar Times

MOB to allow Digital Payment System

Ongo, a digital financial service firm, and Myanmar Oriental Bank (MOB) have partnered up to reduce cash flow.
Date: 06 August 2018; Type: Legal News; Source: Myanmar Times

$97m FDI approved since April 1, as Government targets $3B by October

One company among 18 investments greenlighted by the authorities last month will produce and sell automotives, U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA), said.
Date: 06 June 2018; Type: Industry Updates; Source: Myanmar Times

Central Bank issues License to Myanmar Credit Bureau

The Central Bank of Myanmar (CBM) has issued a license to Myanmar Credit Bureau Limited, allowing it establish a credit bureau in the country, according to a May 17 CBM announcement.
Date: 22 May 2018; Type: Industry Updates; Source: Myanmar Times

Microfinance gains Momentum as Knowledge and Education improves

Ko Bik, marketing manager at Alliance Microfinance, is seeing a pickup in demand for loans provided by microfinance institutions.
Date: 11 May 2018; Type: Industry Updates; Source: Myanmar Times

Central Bank issues Gold Coins with Fresh Design

The Central Bank of Myanmar (CBM) will sell new quarter-tical gold coins with national leader Bogyoke Aung San’s portrait, according to State media.
Date: 30 April 2018; Type: Industry Updates; Source: Myanmar Times

Accounts must be in Order for SMEs to qualify for Loans

The lack of proper accounts, financial statements and a solid business plan is one of the biggest obstacles to Small and Medium Enterprises (SMEs) qualifying for loans, banking officials said at a recent discussion on access to capital organised by MFITRIX, a financial training school.
Date: 06 April 2018; Type: Industry Updates; Source: Myanmar Times

Government seeks Approval to accept Japanese, French Loans

The Union government yesterday sought Parliamentary approval to accept French and Japanese loans to implement projects in the agriculture and healthcare sectors as well as for the upgrading of the Yangon-Mandalay Railway. If approved, the loans taken will total ¥87 billion and €22 million.
Date: 16 March 2018; Type: Legal News; Source: Myanmar Times

Interim Budget approved in Parliament after 1.2 per cent Cut

Parliament has approved the six month interim budget submitted by the government for the period between April 1 and September 30.
Date: 02 March 2018; Type: Legal News; Source: Myanmar Times

Interest Rates to remain unchanged until 2020: Central Bank

The Central Bank of Myanmar (CBM) will not revise the interest rates on bank deposits, borrowings and government treasury bonds, CBM Vice-Governor U Soe Thein told the media on Tuesday.
Date: 31 January 2018; Type: Legal News; Source: Myanmar Times

MPs prevail over President on Audit Bill

The parliament approved the original version of the Union Auditor General Bill proposed last week, despite objections by the president.
Date: 25 January 2018; Type: Legal News; Source: Myanmar Times

Government to accept Only Low-Interest Foreign Loans as Debts rise

Foreign loans are mounting under the current National League for Democracy government, but care has been taken to accept only loans with low interest rates, said U Khin Cho, a member of the Parliament’s Public Accounts Committee.
Date: 23 January 2018; Type: Legal News; Source: Myanmar Times

INDUSTRY UPDATES

SC, DOJ Buildings declared Safe

MANILA, Apr 24 (PNA) - Work resumed at the Supreme Court (SC) and the Department of Justice (DOJ) on Wednesday, after the magnitude 6.1 earthquake that shook parts of Luzon including Metro Manila last Monday.

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SC asked to allow Poll Watchers to take Photos

MANILA, Apr 24 (PNA) - Various individuals and groups asked the Supreme Court (SC) to lift the ban imposed by the Commission on Elections (Comelec) on digital photo taking by watchers of candidates in the May 13 mid-term polls.

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Makati Court hears Drug Case vs Ex-NBI Exec

MANILA, Apr 24 (PNA) - A prosecution witness positively identified the former acting regional director of the National Bureau of Investigation (NBI) in Central Mindanao as the owner of a 1,000-square meter lot in Virac, Catanduanes, where a shabu laboratory was uncovered three years ago.

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Mobile Application on Labour Market Information Launched

PUTRAJAYA, Apr 23 (Bernama) - Information on Malaysia's labour market is now available at the fingertips with the launch of a new mobile application, Labour Market Information Gateway or LMI Gateway today.

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Former Lawyer Pleads not Guilty to CBT Over Client's House Sale Proceeds

KUALA LUMPUR, Apr 23 (Bernama) - A former lawyer pleaded not guilty at the Sessions Court here today to a charge of criminal breach of trust amounting to RM338,000 which was the proceeds from the sale of a house belonging to his client three years ago.

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Manila Court orders Arrest of Acierto, Seven Others

MANILA, Apr 23 (PNA) - A Manila court has ordered the arrest of former police official Eduardo Acierto and seven others implicated in the smuggling of shabu shipments inside magnetic lifters last year.

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SC orders Inspection of Court Houses in Quake-Affected Areas

MANILA, Apr 23 (PNA) - Chief Justice Lucas Bersamin on Tuesday ordered an inspection of all court houses in areas affected by the magnitude 6.1 earthquake that hit Luzon on Monday afternoon.

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Cybersecurity Challenge should be viewed as an Opportunity - Gobind

CYBERJAYA, Apr 23 (Bernama) - A national innovation ecosystem needs to be developed to transform cybersecurity challenges towards forming new opportunities, ideas and solutions, Communications and Multimedia Minister Gobind Singh Deo said today.

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Malaysia signs ASEAN Trade in Services Agreement

KUALA LUMPUR, Apr 23 (Bernama) - Malaysia has signed the ASEAN Trade in Services Agreement (ATISA) and the Fourth Protocol to Amend the ASEAN Comprehensive Investment Agreement (ACIA).

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Former Lawyer charged with Criminal Breach of Trust

SEREMBAN, Apr 23 (Bernama) - A former lawyer pleaded not guilty in the Sessions Court here today to criminal breach of trust involving RM198,592.50, nine years ago.

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PCC seeks Own Probe on Luzon Power Outages

MANILA, Apr 22 (PNA) - The Philippine Competition Commission (PCC) announced that it will investigate allegations of collusion or abuse of dominance among energy companies that led to the recent series of power outages in Luzon.

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Right to Freedom of Religion guaranteed under Federal Constitution

KOTA BELUD, Apr 21 (Bernama) - The right to freedom of religion of every Malaysian is guaranteed under the Federal Constitution, said Sabah Rural Development Minister Datuk Ewon Benedick.

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Sabah and Sarawak High Court Registrar's Office to move to Kota Kinabalu

SANDAKAN, Apr 21 (Bernama) -- Minister in the Prime Minister’s Department Datuk Liew Vui Keong today confirmed that the Office of the Registrar of the Sabah and Sarawak High Court will be relocated from Kuching to Kota Kinabalu.

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Government awaits Approval from Malay Rulers on New Chief Justice - Mahathir

KUALA LUMPUR, Apri 19 (Bernama) - The government is awaiting approval from the Malay Rulers for the appointment of a new Chief Justice, Prime Minister Tun Dr Mahathir Mohamad said today.

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Double Pay for Workers on Maundy Thursday, Good Friday

MANILA, Apr 17 (PNA) - Workers who will report to work on April 18 and 19 will receive twice their regular daily wages as both days have been declared regular holidays, the Department of Labor and Employment (DOLE) said Wednesday.

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Palace suspends Government Work for Holy Week Exodus

MANILA, Apr 17 (PNA) - Malacañang suspended work on Wednesday (April 17), 12 noon onwards, to allow government employees to travel to their respective regions in time for the observance of Maundy Thursday (April 18) and Good Friday (April 19).

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JBC asks Applicant to comment on Gadon Opposition

MANILA, Apr 16 (PNA) - The Judicial and Bar Council (JBC) has asked an applicant for a vacancy in the Court of Tax Appeals (CTA) to comment on an opposition to her appointment filed last month by senatorial candidate and lawyer, Lorenzo "Larry" Gadon.

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PCC approves Ayala-PHINMA Energy Deal

MANILA, Apr 15 (PNA) - The Philippine Competition Commission (PCC) has approved the acquisition of the majority stake in PHINMA Energy by Ayala Corporation’s power branch, AC Energy.

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