The local gold price when the market closed on Friday, September 10, was at K1.91 million per tical compared to K1.855 million on September 13 representing around a K50,000 drop over the weekends. (tical= 16.3 g) Global gold price is USD $1,789 per ounce on September 13. The local gold price...
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...
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 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...
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...