Germany-based international wholesale company METRO has announced that it will cease its foodservice distribution business in Myanmar due to the volatile investment and business environment in the Southeast Asian country, which is expected to continue for some time. "We made this decision with regret because we started 2019 with positive...
The junta's Ministry of Commerce has proposed to set the price floor for unhusked rice at MMK560,000 per 100 tins for the rice grown in the rainy season and summer of 2021-2022, at the Work Committee meeting held in the last week of August. U Nyunt Aung, Deputy Minister of...
The Central Bank of Myanmar sold $2.5 million on August 12, which is the fifth time it auctioned dollars in the first two weeks of August. With this auction, the total amount of dollars, that the Central Bank of Myanmar has sold, now totals $13 million in August alone. The...
Japanese drinks giants Kirin Holdings booked an impairment loss of over 21.4 billion yen ($193 million) in the six months through June on account of its beer production businesses in Myanmar. But it is not planning to exist in Myanmar, Reuters reported quoting senior executive officer Toru Yoshimura from Kirin,...

Dollar rate hits K1,700

The dollar rate has been strong against Myanmar Kyat since the military coup reaching over K1,700 per dollar on August 11. This is the second time that the dollar rate against Myanmar Kyat reached over K1,700 within six months after the coup compared to K1,355 per dollar before the...
Coup leader Senior General Min Aung Hlaing said at the seventh coordination meeting on COVID-19 Prevention, Control and Treatment held on August 9 that importing vaccines for the country's 50 million population will make the country poor, and thus the country needs to produce both COVID-19 vaccines, and medicines...
Telenor Group has announced today that it has entered into an agreement to sell 100 percent of its mobile operations in Myanmar to M1 Group for a total consideration of 105 million USD (approximately 900 million NOK), of which 55 million USD (approximately 470 million NOK) is a deferred payment over five years. The...
The United Nations World Food Programme said that it has successfully delivered food assistance to 334,000 most vulnerable people in Hlaing Tharyar, Yangon Region. Following the success, it is planning to initiate similar distribution in Dagon Seikkan Township in Yangon Region. WFP said that people in Hlaing Tharyar living in...
The military junta amended the 2020 Union Tax Law cutting the percentage of taxation on unassessed income or undisclosed sources of income with the aim, it said, to increase businesses which severely hit by the impact of the COVID-19 pandemic. The NLD administration introduced taxation on unassessed income in a...
A woman takes photos of the blossoms in Rome Rose Garden in Rome, Italy, May 17, 2021. (Xinhua/Cheng Tingting) The European Union (EU) is set to produce its own version of the "green pass" starting on July 1. Those certified in Italy will automatically qualify for the EU version of...