Yangon to switch vehicle levy from weight to engine power

A “wheel tax” in Yangon Region will be levied based on engine power instead of vehicle weight, with the fee ranging from 36,500 kyat to 109,500 kyat yearly, said Yangon Region’s minister for Planning and Finance, Myint Thaung.
The minister revealed the information on March 21 while submitting a taxation bill to the Yangon Region parliament.

Myanmar earns over US$1-bn from rice exports this year


Inflation rate hits 4.16 pc in February


The average inflation rate in late February was 4.16 per cent, with the highest rates reported in Rakhine, Mandalay and Kachin, according to the Central Statistical Organisation.

February saw a slight decline in the inflation rate, compared with 4.40 per cent from January.

Rakhine topped the list of inflation rates with 8.46 per cent, followed by Mandalay with 6.85 per cent; and Kachin with 5.88 per cent.

YSX to increase stock trade matching time to four


In a bid to promote stock trading, Yangon Stock Exchange (YSX) will increase its trade matching time from two to four during this week, according a press conference on March 20.

Mandalay Coffee Group signs deal with Yoma Bank

Mandalay Coffee Group (MCG) has signed an agreement worth K800 million with Yoma Bank to help improve coffee quality and develop coffee-related products, said a statement released by the group on March 19.

“I think the signing of the agreement is a step forward to improve coffee growing and production for

our country. We are glad to financially help small-scale coffee growers and improve market share,” said Kyaw Hlaing, executive director of MCG.

Established in September 2014 and formed with shareholders, MCG grows, produces and exports coffee.

A New Harbinger of Good Governance – Myanmar’s Institute of Directors


This week marks the launch of an important market institution – the Myanmar Institute of Directors (MIoD), the first independent, private sector-led organization promoting best corporate governance standards and practices in the country. This is a significant step in Myanmar’s ongoing market reforms and sends a strong signal to the global business community the country’s commitment to good governance and responsible business.

Nationwide expansion to drive Wave Money’s growth


Though 80 per cent of the population remains unserved by Myanmar’s banking system, Wave Money aims to enjoy much higher growth over the next few years thanks to its continuous expansion of distribution network, said the firm’s top executive.

Brad Jones, chief executive officer of Wave Money, said in an exclusive interview the firm has over 1.3 million customers and is partnering more than 20,000 agents so far.

Private banks loan Ks 868.733 bln to SMEs


Until December, 2017, private banks have granted a Ks 319.228 billion loan to the agricultural and livestock sector and Ks 868.733 billion to small and medium-sized enterprises, said Soe Thein, Vice-governor of the Central Bank of Myanmar.

 MP Kyaw Htwe representing Yangon Region Constituency-8, raised a question on the policies set for the establishment of private banks by citizens and the loan scheme for farming and SME sectors, at the session of Upper House parliament on March 14.

IFC backs women empowerment in Myanmar


In a bid to empower women in Myanmar, the International Finance Corporation, a private sector arm of World Bank Group, recently launched some initiatives to ring the bell for gender equality in Southeast Asian country.

Export earnings from CMP garment hit over $ 2.332 bln


Until early March of this fiscal year, the export earnings from Cut-Make-Pack (CMP) garment sector have reached US$ 2.332 billion, according to Commerce Ministry.

The CMP garment sector is ranked second on the list of export items. The Commerce Ministry has prioritized the textile (garment) sector for the export promotion scheme.