Semi-government SMID Bank to be listed in 2015
The Small and Medium Industrial Development Bank (SMIDB), a public bank run by Ministry of Industry, will be listed at Yangon Stock Exchange when it emerges in 2015, local media reported Managing Director Tin Maung Htay of SMIDB as saying. Having over 50,000 shares, the bank made over K7 billion (about $7.2 million) profit during the fiscal year on March 31, according to a bank statement. Yangon Stock Exchange is scheduled to be opened with about five public companies in 2015 and at the moment Myanma Agro-business Public Co (MAPCO) and Asia Green Development Bank (AGDB) have confirmed to be listed there.
Foreign firms seek licences for microfinancing
A growing number of foreign banks and financial institutions are applying for licences to operate microfinancing businesses in Myanmar, local media reported Deputy Finance Minister Maung Maung Thein as saying. With more than 70 percent of its population poor, Myanmar offers a huge opportunity in the microfinancing business for local and foreign firms, Maung Maung Thein said. There are 186 local and foreign firms providing microfinance in Myanmar.
Taiwan Cooperative Bank to open office in Yangon
The board of Taiwan Cooperative Bank (TCB) recently approved a resolution to set up a representative office in Yangon, Taiwanese media reported. TCB indicated that Myanmar has a good geographic position, forming a bridge between nations and markets in South and Southeast Asia. TCB estimated that banks currently operating in Myanmar can only meet 10 percent of the demand for loans.
Myanmar sees trade deficit in Apr-May
Myanmar saw a trade deficit of $947.57 million in first two months (April-May) of the fiscal year 2014-15, according to official statistics. During the period, foreign trade totalled $4.03 billion, with export amounting to 1.54 billion and imports standing at 2.49 billion, the statistics showed. Of the total export, maritime trade accounted for $1.28 billion, while border trade made up $263.17 million. Of the total import, maritime trade accounted for $2.16 billion, and border trade made up $323.76 million. In fiscal year 2013-14 (April-March), Myanmar’s foreign trade reached $24.96 billion, with maritime trade accounting for $20.38 billion.
Local investment reaches almost $5 billion
Local investment has reached about $5 billion as of May, according to the Directorate of Investment and Company Administration, with majority of investment projects being in manufacturing and construction sectors. Manufacturing received the highest amount with $1 billion, followed by construction ($800 million) and hotel and tourism ($700 million) sectors.
Myanma Airways to become Myanmar National Airways
State-run carrier Myanma Airways is to be renamed Myanmar National Airways following the enactment of the new aviation legislation, local media reported. The Myanmar Aviation Bill has been submitted and is being discussed at the Lower House of Parliament after the approval of the Upper House. Myanmar Airways in February signed a contract to lease ten new Boeing aircraft from US-based GE Capital Aviation Services to expand its international flights.
Gov’t earns $3b in taxes for 2013-14 FY
Authorities have received nearly $3 billion, 4.4 percent of Myanmar’s GDP, in total tax revenue for the 2013-14 fiscal year, the Internal Revenue Department said. The amount is the lowest compared to other countries in the region, where Cambodia gets 11.6 percent of its GDP from tax, Thailand 16.5 percent and Philippines 12.9 percent respectively.