Saturday, February 13, 2016
The Myanmar Times
The Myanmar Times

Parliament passes Financial Institutions Law

After years of back and forth, the Banks and Financial Institutions Law of Myanmar has been passed by parliament and is now awaiting the president’s signature, with banks to face more stringent rules on raising paid-up capital and on reserve requirements.

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FMI swaps share certificates for digital accounts

First Myanmar Investment (FMI), owned by businessperson Serge Pun, has asked its shareholders to open digital accounts, ahead of the company’s planned listing on the new Yangon Stock Exchange later this year, officials said.

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Commerce ministry losing patience with car centre closures

Defunct Yangon car sales centres are causing headaches for the Ministry of Commerce. Businesses are failing to formally report closures, leaving the ministry with an out-of-date registry on which two-thirds of listed sales centres no longer exist.

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Banks hope to widen credit card user network

Banks are trying to increase the number of credit cards in circulation, though this will depend on better infrastructure, more relaxed regulations and an official credit bureau, bankers said.

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India-Myanmar border trade slumps

The ban on barter has almost shut down overland trade with India, local merchants say. Since the popular barter system was suspended at the Myanmar-India border post of Tamu, cross-border trade has slumped.

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Asia World sells jade, mining, toll road businesses

Asia World Company, one of Myanmar’s largest conglomerates, has restructured its business, dropping its toll road, coal-plant, petrol station and mining business, according to a company spokesperson.

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Dry port discussions under way on China border

Two miles north of Muse, on Myanmar’s border with China, a company is negotiating with farmers to buy their land with a view to building a dry port.

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SOEs cut public funding: NRGI report

Myanmar's state-owned enterprises (SOE) are contributing less to the government even as their revenues rise, while the Ministry of Finance has started work on devising them a better reporting system, according to a new report.

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Mystery ministers delay IFI policy discussions

Radio silence from the National League for Democracy on ministerial appointments is holding back dialogue with international financial institutions (IFIs), according to senior IFI officials.

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Alcohol and cigarette taxes get complex

Parliament approved a new tax law for the coming fiscal year on January 22, including incentives for whistleblowers as well as a dizzying array of tax brackets for locally made alcohol and cigarettes.

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