The Central Bank of Myanmar announced an additional 1 percent cut to interest rates, two weeks after announcing a 0.5 percent cut, as Myanmar’s economy slows due to COVID-19.
The Irrawaddy presents what the military and its proxy Union Solidarity and Development Party did not want to be changed in the 2008 Constitution.
The Central Bank will cut interest rates by 0.5 percent on April 1 in a bid to boost growth but economists say it won’t be enough as the bank’s rates remain high.
The State Counselor said Tuesday that the government has plans in place to ensure the coronavirus outbreak does not lead to an economic crisis but gave few details.
Over 11 days, the Myanmar military has seized drugs and paraphernalia worth nearly US$200 million in an area controlled by a military-backed militia in northern Shan State.
Petro & Trans has said it is likely to bring legal proceedings against Yangon Water Bus operator Tint Tint Myanmar Co. next week.
The military seized drugs, chemicals and equipment in northern Shan State’s Kutkai Township, the constituency of the Union Parliament Speaker.
Myanmar got its own barcode, the Dawei Special Economic Zone may move ahead, Myanmar’s new online Project Bank went live and Kachin State approved a BRI project.
Parliament Speaker T Khun Myat told lawmakers to stop making inflammatory remarks or face lawsuits as the first week of debate on constitutional amendment comes to an end.
The Kachin State parliament has approved the US$22.4-million Kanpiketi Business Park on the China-Myanmar border as part of Xi Jinping's Belt and Road Initiative.
This week, Myanmar saw news of a South Korean oil project, a new link to India and rising foreign investment while the gem and garment sectors faced setbacks over coronavirus.
A global watchdog is set to put Myanmar on its money-laundering ‘gray list’, sources close to an ongoing meeting in Paris said, citing trafficking, regulatory concerns.
Myanmar lost millions of dollars a day in border trade with China this week due to the coronavirus, but a major foreign investment in the power sector was announced.
Visiting business delegations from the US, France and Belgium met with Myanmar counterparts this week as the coronavirus outbreak continued to hurt tourism and trade.
China’s central bank admits the coronavirus outbreak could hurt the economy in Q1 but says it has measures in place to ensure a quick recovery.