The International Monetary Fund has urged Daw Aung San Suu Kyi’s government to tackle bad debts held by Myanmar banks as soon as the economic slowdown is over. The IMF has agreed to provide US$700 million in emergency funding to help Myanmar address “urgent” spending needs as a result of COVID-19. The loan is expected […]
Read MoreDespite the COVID-19 pandemic, pockets of demand have been emerging in the Mandalay real estate sector, said U Tin Maung, chair of the Myanmar Real Property Development Association. He said sales of properties priced at around K100 million-K300 million to Chinese nationals have risen in the wake of the pandemic as a result of lower […]
Read MoreEuropean countries have agreed to postpone Myanmar’s loan repayments totalling around US$100 million due this year. The bloc urges China to do the same. Austria, Finland, France, Germany, the Netherlands and Poland have deferred repayments totalling $98 million including interest for the May to December 2020 period. The debt amount comprises 20 percent of Myanmar’s […]
Read MoreThe government will deploy its seventh tranche of COVID-19 loans, this time to about 300 business affected by the pandemic, in the first week of July. Construction businesses are likely to be considered for next loan tranche from the K200 billion to K500 billion pool under the government’s COVID-19 Economic Response Plan released on April […]
Read MoreThe Myanmar Citizens Bank will introduce a co-branded debit card service together with the Myanmar Payment Union (MPU) and Japanese payment services provider JCB, the bank announced over the weekend. MCB’s MPU-JCB Co-Brand Debit Card will enable holders to access MPU’s merchant network across Myanmar and make withdrawals at MCB ATMs, other ATMs which accept […]
Read MoreDomestic inflation fell to 8.3 percent during the month of May, softening as a result of declining demand among Myanmar households, according a recent World Bank report. This is because consumers have cut back on their spending due to COVID-19, driving prices lower. At the current level, inflation is at its lowest in six months […]
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