myanmar - Banking & Finance

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

Central Bank allows Foreign Banks to provide Export Financing

Foreign banks will be permitted by the Central Bank of Myanmar (CBM) to provide export financing services.
Date: 13 December 2017; Type: Legal News; Source: Myanmar Times

INDUSTRY UPDATES

Decision on Minimum Wage Increases due in March

BANGKOK, Feb 13 (NNT) - The final decision on Minimum Wage increases will be made in March, with new rates to vary in accordance with economic conditions in each province.

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INDUSTRY UPDATES

No Violation of Ressa's Civil Rights: DOJ

MANILA, Feb 14 (PNA) - Justice Secretary Menardo Guevarra on Thursday assured full protection of the civil rights of online news website Rappler's publisher Maria Ressa, who was arrested on Wednesday in connection with a cyber libel complaint filed against her and the media firm by a private individual.

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INDUSTRY UPDATES

DOTr inks Deal on Common Station Construction

MANILA, Feb 13 (PNA) - The Department of Transportation (DOTr) on Wednesday signed a contract with a private consortium for the construction of Area A of the Unified Grand Central Station (UGCS) or the common station which is located between SM North Edsa and Trinoma in Quezon City.

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INDUSTRY UPDATES

Men too face Sexual Harassment at Workplace

SUNGAI PETANI, Feb 14 (Bernama) - Men too have been recorded as being victims of sexual harassment at the workplace, said Women, Family and Community Development Deputy Minister, Hannah Yeoh.

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INDUSTRY UPDATES

LHDN launches eProcurement System, Suppliers' Portal

CYBERJAYA, Feb 13 (Bernama) - The Inland Revenue Board (LHDN) has launched the eProcurement (eP) system and the Suppliers’ portal as a continuous effort to improve service delivery to suppliers or tenderers dealing with the agency.

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INDUSTRY UPDATES

Government affirms NCPO Order 2/2019 is Fake

BANGKOK, Feb 11 (NNT) - The Government has affirmed that the circulating NCPO Order 2/2019 is fake.

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INDUSTRY UPDATES

ASEAN Secretariat calls for Nominations for ASEAN Prize 2019

Jakarta(ANTARA News) - Jakarta-based ASEAN Secretariat calls for nominations for the prestigious regional award ASEAN Prize 2019 acknowledging an individual`s or organization`s inspiring and outstanding achievements in fostering the ASEAN identity, promoting ASEAN spirit, and championing ASEAN way.

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INDUSTRY UPDATES

Thousands of Workers march for stronger Labour Laws

Thousands of workers on Sunday marched in downtown Yangon to demand that the country’s labour laws meet International Labour Organisation (ILO) standards.

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INDUSTRY UPDATES

ASEAN NCAP labelling Guideline Compliance to become Compulsory from March 2020

PUTRAJAYA, Feb 12 (Bernama) - Starting March 1 next year, automotive companies selling motor vehicles in Malaysia will be compelled to comply with the ASEAN New Car Assessment Programme (ASEAN NCAP) Labelling Guideline.

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INDUSTRY UPDATES

New Policies, Incentives needed under EAC to spur Investments

KUALA LUMPUR, Feb 12 (Bernama) - New policies and incentives must be formulated to encourage both domestic and foreign private investments for the newly minted Economic Action Council (EAC) to achieve its aim of stimulating sustainable growth.

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INDUSTRY UPDATES

SC Chairman elected Vice Chair of International Organisation of Securities Commission

KUALA LUMPUR, Feb 12 (Bernama) - The Securities Commission Malaysia (SC) chairman Datuk Syed Zaid Albar has been elected vice-chair of the International Organisation of Securities Commissions (IOSCO) Growth and Emerging Markets (GEM) Committee.

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INDUSTRY UPDATES

Economic Action Council formed

PUTRAJAYA, Feb 11 (Bernama) - The Prime Minister’s Office (PMO) today announced the establishment of the Economic Action Council, which is tasked with scrutinising and making decisions regarding economic and financial affairs as well as the people's well-being.

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NGOs call for Speedy Passage of Information Freedom Law

A group of 19 non-governmental organisations and associations have urged the Kingdom’s legislative and executive bodies to expedite the passage of a draft law on freedom of information, which the group said had been delayed for years.

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INDUSTRY UPDATES

Najib's New Money Laundering Case transferred to High Court

KUALA LUMPUR, Feb 11 (Bernama) - The case of former prime minister Datuk Seri Najib Tun Razak involving three additional charges of money laundering to the tune of RM27 million of SRC International funds will be heard in the High Court.

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INDUSTRY UPDATES

Labor Minister holds event to Promote Health Insurance

CHONBURI, Feb 8, (NNT) - The Ministry of Labour has held an event to promote health among insurance policyholders in Amata City Industrial Estate in Chonburi Province, providing medical check-ups for employees from various companies operating in the estate.

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INDUSTRY UPDATES

CA Justice, Judge named to Court Rules Revision Body

MANILA, Feb 8 (PNA) - The Supreme Court (SC) has named two new members to the high court's committee on the revision of the Rules of Court.

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INDUSTRY UPDATES

Sabah Government should Consider amending Wildlife Conservation Enactment 1997 - Lee Lam Thye

KUALA LUMPUR, Feb 10 (Bernama) - The Sabah State Government should consider amending its Wildlife Conservation Enactment 1997 to make the killing of fully protected animals as a strict liability offence, animal rights activist Tan Sri Lee Lam Thye urged.

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INDUSTRY UPDATES

Cases at Court in push to tackle Jail Overcrowding

A working group established to streamline court procedures, with the aim of resolving prison overcrowding, last week began sending cases to municipal and provincial courts throughout the country, Ministry of Justice spokesman Chin Malin said on Wednesday.

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