Yangon Gold Enterpreneur Association (YGEA) is working on innitiating Paper Gold scheme, which allows people to trade gold using the gold certificate issued by the banks. Under the paper gold system, gold is deposited at the banks as assets, for which the banks issue certificate equivalent to the deposited gold....
Central Bank of Myanmar has now allowed Authorized Dealer license holding banks and non-bank financial institutions to buy and sell Chinese yuan and Japan Yen, according to the notice issued on October 12. It has already allowed the US dollar, Euro, Singapore Dollar, Baht, and Ringgit to be traded in...
China, Myanmar’s major trade partner, has closed all the border tradeposts on the Myanm-China border with the closure of Chin Shwe Haw border trade gate on October 6 with the excuses to curb the spread of COVID-19. China has restricted imports from Myanmar through a $450 million Chin Shwe since five...
In an attempt to stabilize the dollar rate against Myanmar Kyat, the Central Bank of Myanmar issued a notice on October 3 ordering exporters to deposit the foreign currency earnings from the exports into the exporter's foreign currency account or sell the earning to the bank, which holds Authorized...
The skyrocketing gold price in Myanmar today has dropped by around K200,000 per tical within hours after reaching over MMK2.2 million in the morning before dropping to K2 million in the afternoon before the local gold market is closed. A tical of gold is equivalent to 16.32 grams or...
Norwegian telecom firm Telenor issued an announcement today on September 15 hinting at the deployment of surveillance tech in Myanmar by saying that its continued presence would require Telenor Myanmar to activate intercept equipment for the use of Myanmar authorities. "Having worked actively to avoid activation of intercept equipment, Telenor...
A group of seven robbers robbed the AYA Bank’s cash carrier van on the old Yangon-Mandalay highway between Lat Pan Won Village and Thar Yar Aye Village in Inndagaw Township, Bago Region around 2 p.m. on September 13. Although local media reported that the robbers got away with money as...
The M1 Group, which bought Telenor Myanmar's business operation in July, said that it has no contact with the Military. Telenor group sold 100 percent of its mobile operations in Myanmar to M1 Group for a total consideration of 105 million USD, of which 55 million USD is a deferred payment over five...
"Fix the money, fix Myanmar" This is the slogan of Myanmar Dollar-MYD, the newly emerged cryptocurrency, which is intended to counter the junta’s grip on Myanmar Kyat. This is one of the facets of the revolution against the coup. Unlike A-May Suu Token, a crypto token that emerged after the...
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...