Farmers will have better access to funding under a new Yoma Bank scheme, and can use it to buy much-needed agricultural machinery. The bank announced the launch of its Agribusiness Finance Program (AFP) in Yangon on December 15.
Myanmar motorists wedded to their right-hand drive cars are scrambling to beat a ban on such vehicles set to be imposed next month. The restrictions announced in November have unleashed a flood of applications to bring in more before the end of the year, but safety officials and dealers say eradicating right-hand drive cars from Myanmar will save lives.
Anyone hoping that relationships between Myanmar and US banks would instantly blossom following a lifting of US sanctions will be disappointed. But several local lenders say they have started negotiations with US peers, and are hoping to see direct US-Myanmar transactions start in 2017.
Commercial lenders are struggling to comply with a directive from the Central Bank instructing senior employees and board members to provide details of any foreign currency bank accounts they hold abroad.
A shortage of skilled labour and low profits are preventing local businesses from making use of one of the country’s most abundant and versatile renewable resources: the water hyacinth, which blooms on nearly every stretch of water in Myanmar.
Two Chinese border trading gates controlled by the National Democratic Alliance Army (NDAA) have reopened, according to the Shan State government, which plans to allow Myanmar traders access to the border gates this month.
The Yangon Region government is planning a range of measures to make Yangon more livable, including developing the waterfront into public space and moving vendors onto quieter side streets and into planned ‘hawker centres’.