Business

Central bank turns to interbank transaction rate

 

The Central Bank of Myanmar will no longer fix the reference rates for currency exchange, said its vice-governor Set Aung.

Tax changes could weaken growth, MPs told

Annual change

Phone remittances in the pipeline

 

The Central Bank of Myanmar is planning to grant foreign remittance licences, according to its vice-governor Set Aung.

Residents must be remembered in giant projects: minister

National interest and security should be taken into consideration when making deals with foreign countries, said Dr Than Myint, minister for commerce.

He attended the launching ceremony of the 101-hectare project B at Thilawa Special Economic Zone.

“The government should pay attention to the people’s needs when developing special economic zones,” he added.

Central bank encourages kyat use

 

UMEHL among 29 firms changing to be normal companies

Some 29 firms accepted as special companies under two old laws have been allowed to change to just be companies under the 1914 Myanmar Companies Act, the Ministry of Planning and Finance has said.
The firms include the Union of Myanmar Economic Holdings Ltd (UMEHL) – the Tatmadaw’s economic arm – plus subsidiaries such as Myawady Bank and Myanmar Brewery. 
UMEHL was previously listed under the 1950 Special Companies Act and the 1914 Myanmar Companies Act. 

Prawn exports could earn up to 1 billion USD in 2022, growers say

Myanmar could earn nearly US$1 billion annually from prawn exports within a few years time, the Union of Myanmar Economic Holdings Ltd (UMEHL) has said. 
“If we breed SPF white prawns whose genes were repaired in Hawaii of the United States of America, we earn $1 billion from prawn exports in a year beginning in 2022,” Dr Kyaw Tun Myint, chairman of the Myanmar Prawn Businessmens’ Association, said.
SPF stands for ‘specific-pathogen-free’ prawns. 

210 mine licences set to expire

The Ministry of Natural Resources and Environmental Conservation has reported that 210 mining operations will cease by March.

2 Japanese mega firms enter JV in Myanmar

IN A BID to fill the gap of limited foreign investment in Myanmar’s agricultural sector, Japanese diesel engine manufacturer Yanmar and global trading firm Mitsui & Co on Tuesday launched a joint-venture sales business in the nation’s commercial hub.

Foreign trade volume at US$23.5billion

 

Foreign trade volume is over US$23.5billion,  US$61million more compared to the same period of last year, according to the Ministry of Commerce. Up to February 10, Myanmar received more than US$23.5billion from foreign trade, of which US$17.3billion came from overseas trade and more than US$6.1billion from border trade.