Myanmar has four currency rates, no credit rating, and a shiny new stock exchange that doesn’t yet trade.
Those are some pieces of the financial puzzle that Aung San Suu Kyi’s National League for Democracy inherited when it took control of Parliament on Feb. 1.
After five decades of military rule, the former dissident’s party will need to grapple with those and other legacies of the country’s isolation.
Investors see potential in the country of about 56 million people. Myanmar has a capitalist culture—it developed a sophisticated black market during the junta’s rule—and natural resources.
The country may end up being among the fastest-growing in the world this year: The International Monetary Fund forecasts an 8.4 percent increase in real gross domestic product in 2016.
Meanwhile, the Central Bank of Myanmar is racing to put into place the financial infrastructure needed to cope with an expected influx of foreign investment and trade.The central bank granted preliminary licenses to nine foreign lenders in October, including Australia & New Zealand Banking Group and Industrial & Commercial Bank of China. They’re expected to engage in institutional banking to facilitate the entry of foreign investors. The central bank has said it plans to award a second round of licenses this year.
Digital Revolution and Repression in Myanmar and Thailand
Activists have also proactively published social media content in multiple languages using the hashtags #WhatsHappeningInMyanmar and #WhatsHappeningInThailand to boost coverage of events on the ground.
Will Myanmar’s coup help China influence ASEAN?
The Myanmar crisis is becoming increasingly tragic, with the military’s use of lethal force now killing over 60 protestors.
Thailand’s Ministry of Finance expects 3.5 to 4.5% economic growth in 2022
For next year, the Ministry of Finance is projecting an economic growth of 3.5-4.5% from effective pandemic control measures, incentives,...
This is what global tax reforms could mean for Asia’s tech giants
A new set of agreed global tax reforms will change where tech giants and other global giants pay taxes, explain...
Bank of Thailand warns of risks of cyber theft when using cryptocurrencies
The future looks promising for cryptocurrencies in Thailand after Siam Commercial Bank Pcl - Thailand's oldest private bank- invested 17.85...
The Bachelor Japan Season 4 showcases Thailand
Bangkok, 2 December, 2021 – The Tourism Authority of Thailand (TAT) is pleased to report that Thailand features as the...
ASEAN commemorates Youth in Climate Action and Disaster Resilience Day 2021
An intergenerational dialogue titled ‘Teaming up with You(th) for a Disaster-Resilient and Climate-Friendly ASEAN’, was moderated by the ASEAN Youth...