The Central Bank is working out a system to provide the foreign exchange necessary for importers of fuel and palm oil to importers.
Myanmar has one of the lowest rates of electrification in Southeast Asia, with about 30 percent of people drawing their lighting from electricity. Yet the country is well-endowed with the resources that are necessary to keep the lights on.
Over the past few months, many believe the Central Bank of Myanmar’s commitment to allow a floating exchange rate based on the market price has faltered. Concerns about the currency have resulted in extensive meetings and direct intervention from the President’s Office.
Malaysia's Naim Indah City Development has signed a memorandum of understanding (MoU) with Myanmar firm United Pacific Development Company to build a 32-storey office tower on Pyay Road in Yangon.