Air Mandalay is among the oldest airlines in the country. Photo: Thiri Lu “It is increasingly challenging to operate in Myanmar’s aviation sector.” The fourth domestic airline has wind up as aviation businesses struggle to turn a profit in an industry overcrowded with competitors, amid high fuel price, lacklustre demand and lack of government support…
The existing city of Yangon is running out of space, its chief minister said. Photo: Kang Wan Chern Yangon must be developed further to free up space for new industrial zones and residences, which, in turn, will draw more foreign investors to the city, said U Phyo Min Thein, the region’s chief minister, during an..
The dollar tapered against the kyat on August 16 after the Central Bank of Myanmar (CBM) sold a record US$4 million to local private banks. That helped ground the exchange rate, which is up by around 10 percent since May. To place a floor under the depreciating kyat, the CBM has sold US$100,000 per day..
Myanmar and Thailand yesterday signed several agreements which further cemented ties between the two countries. These included a bilateral airline agreement, inked at the Myanmar Foreign Minister’s office, as well as a second agreement to improve an existing shrimp breeding zone with the aim of facilitating development in Rakhine State. The agreements were signed after..
Government spending on infrastructure is expected to rise. Aung Khant/The Myanmar Times The government’s budget deficit in the upcoming 2018-19 fiscal year has reached the highest over the last seven years. Economists said this record-breaking deficit needs to be addressed, together with a range of other issues, such as the inflation rate, the Kyat’s depreciation and..
The dollar to kyat reference exchange rate, which is fixed by the Central Bank of Myanmar (CBM), hit a record high of K1,429 on August 2. At private banks and money changers, the exchange rate was as high as K1,445. On the face of it, the depreciating value of the kyat bodes well for exporters, as..
Workers maintain power generators in preparation for more power outages in Yangon. Zarni Phyo/The Myanmar Times The electricity supply sector is forecast to lose about K630billion in the coming 2018-19 fiscal year, said Dr Tun Naing, deputy minister for Electricity and Energy, told Pyidaungsu Hluttaw yesterday. “Power generation and distribution is expected to lose about..
Businesses supplying medicines and other goods must soon include usage instructions with their ware. Aung Htay Hlaing/The Myanmar Times The Consumer Protection Central Committee of Myanmar has said all businesses must have a product usage guide describing how products such as medicines should be consumed and goods like electronics used. The announcement will be followed..
An artist’s impression of the new platforms to be built at stations along the Yangon Circular Railway. Photo – Supplied Japan’s Hello Communications has submitted a proposal to upgrade train stations along the Yangon Circular Railway to Myanma Railways, which operates the line, U Arkar Min Thu, general manager of the economic department under Myanma..
The price of basic ingredients and commodities like cooking oil could rise if the dollar continues appreciating against the kyat. Aung Myin Ye Zaw/The Myanmar Times Local traders who import goods are concerned about the recent spike in the value of US dollar versus the Myanmar kyat. The exchange rate, which recently rose above K1,400,..