The Myanmar Times
Tuesday, 04 August 2015
The Myanmar Times
The Myanmar Times

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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Only 20pc of budgeted projects implemented

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.

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IMF urges forex rate to reflect market

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.

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Forex dealers make a comeback

The foreign exchange black market has returned.

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