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...
Read MoreMyanmar 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...
Read MoreGovernment 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,...
Read MoreThe 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...
Read MoreZay Kabar Company, a local conglomerate with interests in construction and telecommunications, will continue to take action against squatters who trespass on land which it has earmarked for development. On July 28, conflict arose between squatters and employees of Zay Kabar Company after the latter removed...
Read MoreWorkers 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...
Read MoreConstruction companies are under pressure from higher costs of imported materials. The Myanmar Times Property contractors are under pressure from rising costs of building materials as a result of the higher dollar-to-kyat exchange rate. Building machinery and materials such as steel bars, which are imported from overseas,...
Read MoreThe government expects to receive more than US$2 billion from the oil and natural gas sector in 2018-19, according to its Union Budget proposal, which was distributed to members of parliament yesterday. In this year’s proposed account, a breakdown was given on expected income and expenditure...
Read MoreAn Iraqi worker points at an oil plant in Baghdad. Photo - EPA Set-listed PTT Exploration and Production Plc (PTTEP) is proposing that Myanmar’s energy policymakers develop and operate a large gas-fired power plant to tap surging demand for energy there. If the project goes forward, it...
Read MoreAn offshore oil platform in the North Sea. Photo: EPA Last week, the Ministry of Electricity and Energy (MOEE) confirmed in a press conference that it would start holding tenders for offshore oil and gas production in Myanmar by the end of the year.“Tender rounds will...
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