New travel law to give region governments more power
A new tourism law is to be submitted to parliament later this year, the government says. The text of the law is to be circulated for comments to the tourism industry before being finalised, but operators say they are yet to see a draft. Ministry of Hotels and Tourism director U Tint Wai told The Mya…
>>Read moreKyat extends its decline on local exchanges
The local currency has been rapidly declining this month, reaching K1220 per US dollar yesterday on unofficial exchanges, according to industry website naungmoon.com. The kyat has slid about 7 percent over the last 10 days, after starting June at around K1137 in the informal market. “The value of th…
>>Read moreIncentives to be built in to investment law
The combined investment law will have built-in incentives for priority areas and sectors, according to U Aung Naing Oo, director general of the Directorate of Investment and Company Adminstration. Myanmar previously had two separate investment laws, the Foreign Investment Law and the Myanmar Citizen…
>>Read moreCentral Bank to limit payments to only the kyat
The Central Bank of Myanmar is moving to strengthen the kyat’s use in the local economy, eventually pushing the country’s hotels, restaurants and shops to list prices only in the local currency. It has issued a letter directed at government ministries and regional governments, stating they must use …
>>Read moreTaxi drivers say traffic and rain forces fare increase
First it was the buses. Now passengers are complaining that Yangon’s taxi drivers are demanding fare increases because of congestion and heavy rain. Last week, the head of Yangon’s transportation regulator revealed that unscrupulous bus conductors were demanding extra money from passengers at night,…
>>Read moreDeveloper warns against rumours on paused project
MARGA Landmark has issued a statement clarifying its mixed-use Dagon City One project and warned against what it calls critics spreading wrong information and engaging in groundless speculation. Dagon City One is one of five projects that have been temporarily suspended by government authorities sin…
>>Read moreNew cabbies struggle to get to grips with Yangon streets
Taxi drivers from out of town are lost in Yangon, exasperated passengers are complaining. In the absence of a system for testing cabbies’ knowledge of the city streets as part of their licensing requirement, many passengers end up having to give directions. Cheaper car imports – and vehicle rental f…
>>Read moreMobile penetration reaches half the country
Mobile penetration rates have increased to over 50 percent, according to the Ministry of Communication and Information Technology. State-owned MPT is still the mobile phone market leader, claiming 65 percent of all SIMs in the market, though its foreign rivals are also growing rapidly. MPT was the s…
>>Read moreParents welcome end of school fees
The first day at school is often a day of high emotion. After a long and happy holiday, many students may have been dreading the approach of June 1. But for many parents, too, yesterday was quite a learning experience: They found they did not have to spend any money. For the first time, free educati…
>>Read moreInflation fears prompted by K10,000 notes
An announcement in state media that a new version of the K10,000 note will be released has led to fears of inflation, particularly as the government has yet to state the number of bills to be circulated. The Central Bank of Myanmar will issue K10,000 notes with a new type of shiny emerald number, a …
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