Tag: Central Bank of Myanmar

Seven Asian banks granted preliminary licenses in Myanmar

Among the 7 new banks granted preliminary licenses (out of 13 applications) are 3 banks from Korea (state-run Korea Development Bank (KDB), Industrial Bank of Korea (IBK), Kookmin Bank), 2 from Taiwan (Cathay United Bank and Mega International Commer

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Central Bank slashes interest

The Central Bank of Myanmar will slash interest rates by an additional 1 percent after lowering them by 0.5 percent earlier this month. The move will bring the reference interest rate down to 8.5 percent in an attempt to stimulate an economy affected

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Inflation hits year-high in December 2019

Myanmar’s Central Statistical Organization (CSO) released the latest inflation figures for 2019 showing that the annual rate of inflation in Myanmar, based on the Consumer Price Index, stood at 8.81 percent in December. The average inflation ra

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Myanmar legalizes foreign remittances

Independent cash remittance services can now receive official licenses to transfer money between Myanmar and other countries. The Central Bank of Myanmar will issue the licenses mainly to overseas employment agencies. Myanmar people have been able to

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Gold prices surge amid banking sector mistrust

Myanmar’s domestic gold prices reached MMK 1.3 million per tical (about 16.33 grams) on September 5th. It has been the highest rate this year. Economic uncertainty and the rising value of the dollar against the kyat are thought to be driving in

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Central Bank of Myanmar revisits the lending rates

Pursuant to the terms of the Central Bank of Myanmar law, on 15 January, 2019, Central Bank of Myanmar (CBM) issued a Directive no. 1/2019 (“Directive”) in respect of the amendment of lending rates. The amendment as set out in the Directive shall

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