The three-day pearl emporium held in Nay Pyi Taw’s Mani Yadana Jade Hall from July 22 to 24 raised more than 3 million euros (US$3.3 million) by open tender, making it the most successful in years, organisers said.
Greater competition from international banks would encourage local lenders to move away from a small pool of high-net-worth clients to start offering products and services to those who need it most, said panellists at the Myanmar Banking and Finance Conference in Yangon yesterday.
Mizuho Bank from Japan and Malaysia’s Malayan Banking Berhad (Maybank) have been awarded their final licence by the Central Bank of Myanmar, allowing them to commence operations on August 3, according to a Central Bank statement late yesterday.
Myanmar Agribusiness Public Corporation will not immediately float on the Yangon Stock Exchange when it launches, which is slated for later this year, according to company director U Ye Min Aung.
The interbank market for foreign exchange has been slow to take off, as banks are still waiting for the Central Bank of Myanmar to publish precise rules and regulations, sources said.