Myanmar Monitor

Photo credit: Myanmar Insider

Economy, Investment and Trade

Myanmar Central bank urges the government to improve credit access
(9 March 2018) The Central Bank of Myanmar has urged its government to begin drafting a moveable asset finance law so that banks and other lenders can accept a range of items as collateral, including stock, equipment and receivables other than real estate. Director General of the Myanmar Central Bank Daw Than Than Swe said the law would lead to an increase in access to credit, particularly among small and medium-sized enterprises (SMEs) in the country. In addition to that, Union of Myanmar Federation of Chambers of Commerce and Industry said the introduction of movable asset finance will be a good opportunity for SMEs that have no property to grow their business.
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Businesses in Myanmar see a positive impact from higher minimum wage
(9 March 2018) Despite the higher costs involved, some businesses have seen positive changes as a result of a higher minimum wages imposed in Myanmar on 12 January 2018, as workers are more responsive and responsible for their jobs. On 12th January, the Myanmar National Committee announced the change for minimum wage from US$3.6 (K4,800) to US$2.7 (K3,600) per hour, an increment of approximately 33 percent from the amount workers were getting previously. Despite the increase, the daily minimum wages in Myanmar still falls behind Cambodia, Laos and Vietnam, and remains the lowest compared to other countries in Southeast Asia.
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Registration fees for companies in Myanmar to halve to facilitate more business
(14 March 2018) A statement issued by the Myanmar Directorate of Investment and Company Administration (DICA) said company registration fees for small and medium enterprises (SMEs) in Myanmar will be halved from US$375 (K500,000) to US$187.5 (K250,000) from 1 April 2018 onwards to encourage the emergence of more SME’s and to ease the incorporation of new companies. The move to halves company registrations fees for private companies is expected to lift Myanmar’s position in the World Bank’s ease of doing business ranking, of which the country is currently placed at 171 out of 190 nations.
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Regulatory reforms to boost real estate activity in Myanmar
(9 March 2018) The implementation of new regulations on condominium imposed by the Myanmar Ministry of Construction in mid-December 2017 is expected to boost Myanmar’s real estate sales activity in 2018, particularly in mid to the high end of the residential property market. With the implementation of the new regulations, foreign buyers can now hold a greater area as they can now acquire up to 40 percent of the total floor area of a condominium building, in addition to allowing prospective buyers to take up residence in lower-rise buildings.
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Myanmar’s largest private bank launches SME centre to facilitate businesses
(8 March 2018) In order to facilitate the expansion of enterprises across industries, Myanmar’s largest private bank will open a new one-stop services centre to help small and medium-sized enterprises (SMEs) to secure better access to finance. The Managing director of KBZ Bank U Zaw Lin Aung said that the hub would offer financial inclusion for all businesses by allowing them to benefit from KBZ SME banking’s ‘total solution’ approach at the One-Stop SME Banking Centre.
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