Banking services to be extended

Aung Kyaw Myo, managing director of private-owned Kanbawza Bank, said, “Our bank will launch banking services in rural areas by setting up branches.”

Cooperative Bank will also appoint its representatives in villages for its services.

A total of 19 private banks, with 408 branches, are operating in Myanmar with total capital of more than 401 billion kyats. 

Private banks have also launched services for international trade payments after the United States eased certain financial services and investment sanctions on the country. Some private banks have started US dollar-based currency movements this month following the US announcement.

One of the new banking services is issuing letters of credit.

The Central Bank of Myanmar has permitted 11 private banks in the third week of July to issue letters of credit and telegraphic transfer services. But only some of them were able to give quick services.

Although the central bank has allowed the private banks to transact in US dollars, euros and Singapore dollars, they used US dollars the most, according to banking officials.

In the past, Myanmar conducted its international currency transactions via banks in Singapore due to the European Union and US sanctions on the export of financial services.

Only the state-owned banks – Myanmar Foreign Trade Bank and Myanmar Investment and Commercial Bank – had handled international banking services for about 50 years since 1963, giving no opportunity to private banks.

 

German aid for transport

Germany is likely to provide technical assistance and financial aids to Myanmar for its ongoing transportation projects, including the upcoming Hanthawady International Airport, a German official said.

German’s Deputy Minister of International Investment and Trade Dr Karl Brauner met with Burmese Transportation Minister Nyan Tun Aung to discuss about investment in Myanmar’s transportation sector in Nay Pyi Taw on Oct. 3.

The two countries also discussed ongoing plans, future projects and investment potential.

 

Call to preserve ancient buildings

Myanmar authorities have granted permission to a lawyers’ group to stage a protest against the plan to refashion Yangon’s ancient buildings into new ones. 

Earlier, the Lawyers Network (LN) sent a complaint letter to the president and the speakers of the parliament, urging them to stop the projects that will turn the Yangon Region High Court into a museum and the Yangon Region Small Causes Court into a hotel.  When no action was taken, over 100 lawyers decided to hold a rally scheduled on October 17. “We submitted a letter to authorities last Tuesday to allow [us to hold a] demonstration. We are scheduled to start our protest outside the high court at 10 am. Then we will assemble in front of the Small Causes Court. We are will also hold a press conference,” said Soe Tint Yi, a member of the LN work committee. 

The demonstrators will be asking the government to let the Yangon Region High Court and Small Causes Court remain as they are. The group said the two buildings are considered as national treasures.  The lawyers also said should international disputes come up, the courts, which are magnificent and spacious, should be used. 

The group will also be demanding for lower prices for revenue stamps, which increased by 100 percent without the parliament’s approval. 

“A sudden, sharp increase in revenue stamp prices will make it unable for the public to engage in court cases,” said Ko Ni, an advocate.