All banks in Myanmar will open from 10am to 2pm starting April 28 and last for the duration of COVID-19, the Central Bank of Myanmar (CBM) said on April 24. The decision was made after a video conference between the CBM and private banks on April 21 with the aim of controlling the spread of […]
Read MoreEconomic growth for Myanmar will slow significantly to 4.2 percent this year under the global health crisis but could rebound to 6.8pc in 2021 if the virus is confined quickly, according to a report by the Asian Development Bank (ADB). The ADB’s annual Asian Development Outlook report, released this month, puts Myanmar’s GDP growth forecast […]
Read MoreLocal fuel prices have plunged to a record low K310 per litre. That’s almost the same as a litre of water, which costs K300. The fuel price per litre on April 23 had fallen to K310 for Octane 92, K440 for Octane 95, K760 for Octane 97, K450 for diesel and K460 for premium diesel. […]
Read MoreLast minute government instructions for factories and workplaces to close for COVID-19 inspections have scrambled business plans and caused disruptions to production, underscoring the need for more coordination and communication between the two parties. After an unusually quiet Thingyan holiday, businesses in Myanmar were expecting work to resume on April 20. But at 8pm on […]
Read MoreIn view of COVID-19, the Central Bank of Myanmar (CBM) has granted a three-year extension for banks to comply with four directives to better align the sector with international standards released in 2017. Banks now have until August 31, 2023 to comply with:Notification No. (16/2017) Capital Adequacy Regulation, Notification No. (17/2017) Asset Classification and Provisioning […]
Read MoreThe government is planning to beef up the national rice and palm oil reserves for emergencies in case the COVID-19 outbreak drags on. The Ministry of Commerce (MOC) announced in an April 22 statement that it will buy and stockpile 50,000 tonnes of rice and 12,000 tonnes of palm oil as reserve food for emergencies. […]
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