The Myanmar Times
Friday, 31 July 2015
The Myanmar Times
The Myanmar Times

Opaque financing hinders budget reform

Government spending on the military is unlikely to be transferred to more productive sectors such as health and education until the true quantity of spending is made clear to internal monitoring bodies and the voting public, according to a report by the Asian Development Bank (ADB).

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The depreciating kyat-dollar exchange rate issue

Myanmar has adopted a managed float exchange rate system. How does this system work? A useful way to find out is to look at how China has used such a system to fix the exchange rate of its currency the renminbi (RMB) against US currency the dollar ($).

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Myanmar risks ‘perfect storm’ from overheating economy, IMF warns

Myanmar's economy is overheating and risks hitting a “perfect storm” of a currency crisis particularly if the United States raises interest rates in the short term, the International Monetary Fund has warned. The bleak assessment, delivered in private briefings this week to senior government and Central Bank of Myanmar (CBM) officials, stands in stark contrast to IMF findings released last October at the conclusion of the annual Article IV consultation process when Myanmar’s economic outlook was described as “favourable”.

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Daewoo’s Kyaukpyu compensation for damaged land nearly complete

Daewoo International has nearly finished compensating farmers close to Kyaukpyu for damaged land, according to a company spokesperson.

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OCBC signs 10 MoUs with domestic banks

OCBC Bank signed memorandums of understanding with 10 local banks yesterday as it officially opened its Myanmar branch.

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Economist U Myint discusses an exchange rate to meet Myanmar’s current needs

Presidential chief economic advisor U Myint said Myanmar is now engaging with the rest of the world and its economy is no longer isolated – and its approach to foreign exchange should reflect this new reality.

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UOB signs two new loans at branch launch

Singapore-based UOB signed two loan agreements with clients in the auto and tourism industry yesterday, as they officially launched their Yangon branch at Parkroyal Hotel.

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Coca-Cola admits link to local jade company

Soft drinks giant Coca-Cola has confirmed that a director of Coca-Cola Pinya Beverages Myanmar (CCPBM) is also a director and minority shareholder in Xie Family Company, which it says operates a local jade business – an industry sanctioned by the US government.

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K10,000 note debuts amid transparency concerns

The introduction of a new note always comes some uncertainty in the Myanmar market. Yesterday, the first day the newly-redesigned K10,000 note entered circulation, concerns that the note will fuel inflation came up again – though were more muted than on previous occasions.

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Banks unwilling to take farmland as collateral

Banks are reluctant to allow farmers to take out loans by mortgaging their farmlands, despite a new by-law that will permit this in practice, said U Set Aung, deputy governor of the Central Bank of Myanmar, at a public meeting in Nay Pyi Taw on June 29.

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