Ups and Downs
The Burmese kyat is valued at 1,275 to the US dollar, sliding slightly from last week’s trade of 1,256. Gold is buying for 760, 800 per tical, up from 748, 000 last week; and selling for 761, 000 per tical, up from 753, 000.
General appreciation
Thai Prime Minister Gen. Prayut Chan-o-cha and Burmese Commander-in-Chief Snr-Commander-Gen Min Aung Hlaing discussed the bilateral relationship between the two countries in a meeting in Bangkok on Thursday 27 August. The leaders discussed their developing Special Economic Zone between the two nations, where the Thai PM expressed his countries eagerness to open the Zone and begin trade quickly.
Read the full story here.
Workers wanted at Mae Sot SEZ
Construction work has begun on the Thai-Burmese Special Economic Zone, which will ultimately include a second Friendship bridge, supermarkets, hotels, and offices for international businesses. Leaders from both sides of the border have expressed their support of the upcoming SEZ, where the additional bridge will eventually link Bangkok and Rangoon via the Asian Highway.
Read more on the SEZ here.
Burma to adopt graphic warnings on cigarettes
Cigarette packaging in Burma will soon carry graphic pictures and health warnings, according to a statement by Health Minister Than Aung made to The Myanmar Times. He added that the pictures and text would cover 75 percent of a cigarette packet on both sides, in accordance with international agreements. The move was reportedly made under suggestions from the Attorney General’s Office, and is in the final stages of preparation.
Local firms bid to join Burma’s latest phone network
The Ministry of Communication and Information Technology has set an 8 September deadline for interested companies to tend a bid to operate Burma’s fourth mobile phone network. At least 17 domestic firms have thrown their hat in the ring, according to a Reuters report this week, which cited Chit Wai, a deputy permanent secretary at the ministry, saying the 15-year license is likely to be awarded by the end of the year.. Interested companies must have been in business for a minimum of three months and have at least 3 billion kyat (US$2.4 million) to be considered for the tender. The winning bidder will join Norway’s Telenor, Qatar’s Ooredoo and state-run MPT in offering cellphone services to Burma’s nascent telecoms market.
Read more background on Burma’s telecoms sector
Thai businesses urged to capitalise on Burmese market
Thai entrepreneurs should tap into Burma’s high growth potential, business leaders say. However, competition has grown intense as Burma welcomes other foreign investors, forcing some Thai businesses to seek local partners in order to make it easier to do business there.
Read the full story here.
[related]
Banking shutdown ‘just a rumour’, says Central Bank
The Central Bank of Myanmar (CBM) has rejected rumours that it plans to shut down some private banks in the country. A statement released by the CBM on Tuesday said stories circulating about the impending closure of certain private banks, due to large numbers of customers withdrawing their savings, were just rumours as all banking businesses are kept under close scrutiny by the state bank.
Read the full story here.
Thai banks lead charge for Dawei contract
Thailand’s Siam Commercial Bank is gearing up to offer financial facilities to fund investment by Italian-Thai Development Plc in Burma’s Dawei deep-sea port and special economic zone. Thailand’s third-largest lender plans to be a leading arranger for the megaproject, said Arthid Nanthawithaya, deputy chairman and chief executive.
Read the full story here.
