Daewoo International has nearly finished compensating farmers close to Kyaukpyu for damaged land, according to a company spokesperson.
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.
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.
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.
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.
Only 20 percent of projects planned in the fiscal year 2014-15 budget have been completed and another 22pc of the projects have not been carried out at all, according to a report by local civil society groups.
The International Monetary Fund (IMF) yesterday said it recommended the Central Bank of Myanmar’s official reference rate should reflect market conditions, and close the gap with the unofficial market rate.