For the first time in 60 years, Myanmar has permitted private insurance companies to compete with the state monopoly, granting 12 licences in June 2013 to local companies as part of a wider set of reforms aimed at making the financial system more market-driven. But Myanma Insurance, the country’s insurance monopoly, will continue to remain the...
Myanmar is well on its way to opening a local, modern Yangon Stock Exchange (YSE) by 2015 with the help of the Tokyo Stock Exchange and Daiwa Securities, Japan’s second-largest brokerage house. Demand from over 60 companies is high and investors are anxious to obtain liquid access to the market. Even so, many building blocks must be put in place...
What contributions can we expect from foreign banks in developing the local banking sector over the next 12-18 months?
Recent reforms in the sector are beginning to take off and to address the low levels of lending and banking recorded in the country in 2011. Foreign banks are lining up at the country’s doorstep to tap into this potentially major market in the heart of South-east Asia. Since April 2011 and the shift in government policy, banks have started to...
What relationship will the CBM have with the Ministry of Finance (MoF) now it is autonomous?
On July 11, 2013 Myanmar’s President U Thein Sein signed the long-awaited Central Bank of Myanmar (CBM) Law, which will separate the central bank from the Ministry of Finance and Revenue, securing its autonomy and clearly delineating its responsibilities. The move is a key building block in the country’s series of recent reforms and aims to...
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