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COVID-19 will lead to slower Myanmar economy: MIC

Myanmar should brace for the consequences of COVID-19 on the local and global economy, senior government officials and analysts say. The Myanmar Investment Commission (MIC), which oversees investments in the country, said the economic slowdown caused by the virus outbreak is already being felt in other countries and will likely have an impact on Myanmar. […]

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Myanmar central bank revokes licence of local bank

The Central Bank of Myanmar announced on Monday announced that it is revoking the banking licence of locally incorporated Asia Yangon Bank Ltd (AYB). The central said in its announcement that the revocation is for “breaching the country’s existing laws” but did not provide any further details on the matter. Since the announcement, the central […]

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Myanmar: Panic buying leads to spike in sales

Local supermarkets have been packed with shoppers since the evening of March 12 and some goods have been out of stock. The panic buying was sparked by rumours that the government planned to close schools and cinemas for up to a month, and that a patient had tested positive for COVID-19  at the Yangon General […]

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