Quarterly Business Magazine

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Nine Foreign Banks Authorized to Open Branch Office in Myanmar

Yangon – The Myanmar Government has allowed nine foreign banks to open branch office in Myanmar including two Singaporean banks that provided financial services between Myanmar businesses and foreign countries during the decade under the U.S. sanction. “We chose these banks based on how much they...

Bahan and Kamaryut Townships Preferred Residential Areas in Yangon for Foreigners

Yangon - According to surveys by House.com, more and more foreigners residing in Yangon are choosing to stay in Bahan and Kamaryut townships. These two townships are the favorites for foreigners while some others want to stay in Mayangone Township and downtown areas, the surveys show. “Foreigners...

Yangon New Town Plan Halted

Yangon – Yangon regional government has stopped Yangon New Town project located in the western part of Yangon region, according to U Hla Myint, Mayor of Yangon. Although the mayor stated in the regional assembly that the project had been postponed, when meeting with the media after the assembly, he...

Telenor to Start Selling SIM Cards on September 27th

Yangon – Telenor Myanmar, one of the foreign telecoms operators, will begin selling its SIM cards starting in Mandalay on September 27 th . One week after the launch in Mandalay, the company will sell the SIM cards in Nay Pyi Taw, followed by Yangon another week later. “Why aren’t we launching our...

Major Companies Planning to Get Listed on Stock Exchange Once It Begins

Yangon – Major local companies owned by tycoons such as Max Myanmar, Shwe Taung, Kanbawza, and City Mart Holding Co., Ltd are planning to get listed on the Stock Exchange expected to break ground in October 2015, according to U Tin Myint, Executive Director at Myanmar Securities Exchange Centre Co...

Without Access to Direct Loans from Foreign Banks, Local Entrepreneurs Worry about Interest Rates

Yangon - According to local entrepreneurs, local businesses in need of capitals will not be able to obtain low-interest loans from foreign banks since the latters are forbidden from lending directly to local businesses. Instead, they have to rely on local banks, which in turn borrow from their...

Local Banks Raise the Level of Competition with Interest Rate Hikes

Business owners have been quoted as saying interest rates are being raised to woo new customers. Some banks have raised the rates on both savings accounts and fixed-deposits while some have only done so for savings. The savings interest rate, which now stands at 8% per annum, will be raised to 8.25...

Government to Reclaim Non-operating Industrial Zone Lots

The Yangon Division Government will repossess vacant lots at the Industrial Zones scattered in and around the Yangon Metropolitan area, compensating the owners at the buying price paid at the time of initial development. A chairperson of one of the Industry Management Committees was quoted as...

Myanma Airways Signed Deals with ATR for Six Aircrafts and MRO Facility

Yangon – On July 16, Myanma Airways signed contracts with French based aircraft company ATR to buy six aircrafts and establish a large-scale MRO facility in Myanmar. With the agreement from the French government and the financial support from Italy’s EXIM Bank, Myanma Airways will acquire six ATR...

MPT’s Two Japanese Partner Companies Agree to Invest US$2 Billion

Yangon – MPT’s two Japanese partner companies KDDI and Sumitomo Corporation have announced that they will invest US$ 2 billion to expand the telecommunications services. After a long selection process for its foreign operator, the two Japanese companies were finally selected by MPT. The partnership...

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