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Yangon - The construction of Kyaukpyu Deep Sea Port, Rakhine State, has been completed, but its depth will not currently accommodate an oil tanker scheduled to arrive in November when the port is opened, said a member of the Kyaukpyu Deep Sea Port Watchdog Committee on October 10.

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The Parkroyal Hotel conference room was abuzz with discussion on the weekend about how Myanmar tech company developers could help create conditions for a “Silicon Valley” in their country.

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Foreign banks that have just been granted permission to operate in Myanmar will be able to offer loans in kyat but within an interest range controlled by the Central Bank of Myanmar. Advertisement for Bangkok Bank in Yangon. Photo: Nyain Thit Nyi/Mizzima

 

The nine foreign banks granted Myanmar banking licences on October 1 will be allowed to offer loans to foreign and local companies in kyat with interest rates fixed by the Central Bank of Myanmar to a range between ten and 13 percent, said a Facebook post by economist U Khin Maung Nyo quoting the CBM’s deputy governor, U Set Aung.

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The Myanmar government should establish a small and medium enterprise agency, Mr Watanabe Hideo, chairman of the Japan Myanmar Association told a forum held at the Yangon-based Union of Myanmar Federation of Chambers of Commerce and Industry on October 2.

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A new body, the ‘Securities and Exchange Commission’ has been established by the Myanmar government to regulate the country’s securities exchanges, including the stock exchange planned for October 2015, Daw Tin May Oo, one of the newly appointed commission members, told Mizzima on September 30.

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Licences to operate in Myanmar have been issued to nine foreign banks, the Central Bank of Myanmar announced on October 1.