MCB to enter stock market, launch SME loan scheme

Myanmar Citizens Bank (MCB) will start granting loans in September to small and medium-sized enterprises (SMEs) that meet the criteria of relevant government bodies, the bank announced.

MCB and six other banks will provide between US$12,500 and $416,666 in subsidised loans to SMEs using a loan from the state-owned Myanmar Economic Bank (MEB).

MCB has set its interest rate to 8.5 per cent, which will result in a margin of nearly half of what MCB must repay to the MEB.

Paddy grain stored for flood-damaged farms

The Ministry of Agriculture, Livestock and Irrigation said 480,000 baskets of paddy grain have been stored to provide for flood-damaged farms in Ayeyawady and Bago regions.

“The ministry has kept 130,000 baskets of paddy in reserve—70,000 baskets from the Union fund and 60,000 baskets from the agriculture department fund,” said Aye Ko Ko, deputy director-general of the agriculture department.

Yangon traffic project jams

According to Yangon Region Police, Myanmar Shwe Yin and CRCC have been paying less than US$100 per day for their failure to complete the city's traffic control projects on time.

The two companies won the tender for installation of CCTV cameras at 154 traffic lights as well as the construction of traffic control centres. But they failed to meet the six-month deadline and have been paying late fees every day.

According to Traffic Police Lieutenant-Colonel Aung Ko Oo, the fees would apply indefinitely until the companies finished their task.

Gold brings in Ks5bn in taxes

More than Ks3 billion in commercial tax and more than Ks2 billion in income tax was collected from gold from 2013 to this April, according to the Internal Revenue Department.

For the 2013-14 financial year, Ks1 billion in commercial tax and Ks745 million in income tax was collected, 2014-15, Ks1.1 billion in commercial tax and Ks792 million in income tax was collected and Ks1.3 billion in commercial tax and Ks787 million in income tax was collected last financial year.

Jade, jewellery exports reach $57 million at Muse


From April 1 to July 31, Myanmar exported more than US$57 million worth of jade and jewellery to China through the Muse, border trade hub, according to the Ministry of Commerce.

Jade exports amounted to $53 million, while jewellery exports reached $4 million.

Although the government’s policy is to export finished jade products, most of the jade exports this fiscal year have been raw.