Business News

Microfinance and Insurance Laws Expected Next Year

BUSINESS Sep 21, 2019
he Ministry of Planning and Finance is in the process of revising the Microfinance Business Law and Insurance Business Law, and expects to finalize the regulations in 2020, according to U Thant Zin So... 51

Property Tax Generates K43 Billion

BUSINESS Sep 10, 2019
During the first ten months of this fiscal year, Myanmar generated around K43 billion from levying tax on buying and selling real estate. The total exceeds last year’s amount by K6.9 billion than... 147

Demand sees gold prices surge to nearly K1.3million

BUSINESS Sep 07, 2019
Uncertainty and seasonal factors have been leading more people to jump into gold as a safe haven, pushing up prices of the precious metal, gold traders in Yangon say. Local prices for gold reac... 144

Bank collapse rumour is false : State Counsellor

BUSINESS Sep 07, 2019
n a meeting with the MPs from Bago Region on September 5, Myanmar State Counsellor Daw Aung San Suu Kyi said widespread rumour about the bank is untrue. The public don’t need to worry about it, said... 140

Gold Association Warns Against Trading Based on Oral Contracts

BUSINESS Sep 03, 2019
The Myanmar Gold Entrepreneurs Association has reminded its members not to conduct gold trading based on oral contracts amid raising gold prices, which has seen an upward trend since June. “Execu... 175

Withholding Tax Lowers Golds Potential

BUSINESS Sep 02, 2019
Myanmar has only allowed gold and jewelry to be exported from the country since September 2018. Since that time, there have only been three occasions where gold was exported. Those three exports combi... 176

Central Bank deputy chief says businesses should pay loans

BUSINESS Aug 31, 2019
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... 178

Central Bank Extends WeChat Pay for Three Months

BUSINESS Aug 13, 2019
China’s WeChat Pay was introduced to Myanmar earlier this year. Now, Central Bank of Myanmar has decided to extand the license period of the digital payment service for the next three months. In ... 386

UAB Bank to Verify Large Transactions in Order to Combat Fraud

BUSINESS Aug 13, 2019
Beginning on July 1, United Amara Bank (UAB) will use a telephone verification system for every transaction exceeding K1 million, if the transaction is initiated by a representative rather than the ac... 347

Local Banks Provide K21 Trillion in Loans in 6-Month Period

BUSINESS Jul 26, 2019
According to the Quarterly Financial Statistics Bulletin 2018, Volume 3, which was recently released by the Central Bank of Myanmar, between March and September 2018, local private banks provided arou... 457