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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...
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...
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...
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,...
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 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...
If you want to withdraw cash from your bank account in Myanmar, you need to get up as early as at least 4 a.m and go to an ATM-not any ATM but ATM where your bank chooses to refill cash. Then wait for hours to have your turn to...
Local gold price, which has skyrocketed reaching over K1.7 million following the coup by the military, now has dropped as much as K200,000 as the price decreased to around K1.5 million per tical (tical= 16.3 g). On May 26, the domestic gold market closed with K1.5 million per tical while...
Major Japanese retailer Aeon has decided to postpone its $180 million shopping mall project in Myanmar due to the political turmoil in the country, according to NHK reports. Aeon planned to start the construction process this year and expected to open the mall by 2023. The project is a joint venture...