Myanmar.Pwc.Com
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
BANKING and FINANCE in MYANMAR BANKING and FINANCE in MYANMAR Iii ACKNOWLEDGMENTS This Paper Was Written by Sean Turnell
II BANKING AND FINANCE IN MYANMAR BANKING AND FINANCE IN MYANMAR III ACKNOWLEDGMENTS This paper was written by Sean Turnell. The author is grateful for comments and suggestions on earlier drafts from Steve Parker, Lynn Salinger, Daniel Swift (USAID), Tocher Mitchell, Bruce Bolnick, Timothy Buehrer, Show Ei Ei Tun, BANKING and other participants in the Economic Reform and Growth Dynamics Study workshop held at the PSDA office in Yangon, Myanmar, on January 13–14, 2016. The author also benefited from useful discussions with Declan McGee AND FINANCE (the United Kingdom’s Department for International Development), from the members of the National League for Democracy’s Economic Committee, and from a wide variety of people in Myanmar’s banking fraternity. IN MYANMAR PRESENT REALITIES, FUTURE POSSIBILITIES PHOTO CREDITS DISCLAIMER The team would like to thank the following for the photos provided. This document is made possible by the support of the American people through the United States Agency for - Jeffrey Barth International Development (USAID). Its contents are the sole responsibility of the author or authors and do not - Soe Zeya Tun necessarily reflect the views of USAID or the United States government. - Tom Cheatham - Asian Development Bank II- World Bank BANKING AND FINANCE IN MYANMAR BANKING AND FINANCE IN MYANMAR III ECONOMIC REFORM AND GROWTH DYNAMICS DISCUSSION PAPER SERIES LIST OF ACRONYMS In 2015, as Myanmar prepared for new elections, the United States Agency AGD Asia Green Development Bank for International Development (USAID) commissioned a set of discussion AML Anti-money laundering papers to review Myanmar’s economic status, benchmark its performance ANZ Australia and New Zealand Banking Group relative to other countries, and identify priority policy reforms, investments, APG Asia/Pacific Group on Money Laundering and institutional innovations to re-establish the country on a new, ASEAN Association of Southeast Asian Nations inclusive growth path. -
Development of Payment and Settlement System
CHAPTER 7 Development of Payment and Settlement System Khin Thida Maw This chapter should be cited as: Khin Thida Maw, 2012. “Development of Payment and Settlement System.” In Economic Reforms in Myanmar: Pathways and Prospects, edited by Hank Lim and Yasuhiro Yamada, BRC Research Report No.10, Bangkok Research Center, IDE- JETRO, Bangkok, Thailand. Chapter 7 Development of Payment and Settlement System Khin Thida Maw ______________________________________________________________________ Abstract The new government of Myanmar has proved its intention to have good relations with the international community. Being a member of ASEAN, Myanmar has to prepare the requisite measures to assist in the establishment of the ASEAN Economic Community in 2015. However, the legacy of the socialist era and the tight control on the banking system spurred people on to cash rather than the banking system for daily payment. The level of Myanmar’s banking sector development is further behind the standards of other regional banks. This paper utilizes a descriptive approach as it aims to provide the reader with an understanding of the current payment and settlement system of Myanmar’s financial sector and to recommend some policy issues for consideration. Section 1 introduces general background to the subject matter. Section 2 explains the existing domestic and international payment and settlement systems in use by Myanmar. Section 3 provides description of how the information has been collected and analyzed. Section 4 describes recent banking sector developments and points for further consideration relating to payment and settlement system. And Section 5 concludes with the suggestions and recommendation. ______________________________________________________________________ 1. Introduction Practically speaking, Myanmar’s economy was cash-based due to the prolonged decline of the banking system after nationalization beginning in the early 1960s. -
Business Conglomerates in the Context of Myanmar's Economic
Chapter 6 Business Conglomerates in the Context of Myanmar’s Economic Reform Aung Min and Toshihiro Kudo Abstract The purpose of this paper is to identify the role of conglomerates in the context of Myanmar’s economic reform process. The paper addresses the research question of the role of business conglomerates and the Myanmar economy, such as are they growth engines or just political cronies? We select some of the top conglomerates in Myanmar and assess their profile, performance, and strategies and examine the sources of growth and limitations for future growth and prospects. The top groups chosen for this paper are Htoo, Kanbawza, Max, Asia World, IGE, Shwe Taung, Serge Pun Associates (SPA)/First Myanmar Investment Group of Companies (FMI), Loi Hein, IBTC, Myanmar Economic Corporation (MEC), and Union of Myanmar Economic Holdings Ltd. (UMEHL). There are other local conglomerates that this paper does not address and they include Shwe Than Lwin Group, Eden Group, Capital and Dagon International etc., which are suggested for further research about Myanmar’s conglomerates in the future. Sources of growth and key success factors of the top business groups are their connection with government, contact with foreign partners, and their competency in the past and present. In the context of the economic reform, previously favored business people appear to recognize that the risks of challenging economic reform could outweigh the likely benefits. In addition, some of the founders and top management of the conglomerates are still subject to US sanctions. Market openness, media monitoring, competition by local and foreign players, sanctions, and the changing trends of policy and the economy limit the growth of conglomerates. -
Military Brotherhood Between Thailand and Myanmar: from Ruling to Governing the Borderlands
1 Military Brotherhood between Thailand and Myanmar: From Ruling to Governing the Borderlands Naruemon Thabchumphon, Carl Middleton, Zaw Aung, Surada Chundasutathanakul, and Fransiskus Adrian Tarmedi1, 2 Paper presented at the 4th Conference of the Asian Borderlands Research Network conference “Activated Borders: Re-openings, Ruptures and Relationships”, 8-10 December 2014 Southeast Asia Research Centre, City University of Hong Kong 1. Introduction Signaling a new phase of cooperation between Thailand and Myanmar, on 9 October 2014, Thailand’s new Prime Minister, General Prayuth Chan-o-cha took a two-day trip to Myanmar where he met with high-ranked officials in the capital Nay Pi Taw, including President Thein Sein. That this was Prime Minister Prayuth’s first overseas visit since becoming Prime Minister underscored the significance of Thailand’s relationship with Myanmar. During their meeting, Prime Minister Prayuth and President Thein Sein agreed to better regulate border areas and deepen their cooperation on border related issues, including on illicit drugs, formal and illegal migrant labor, including how to more efficiently regulate labor and make Myanmar migrant registration processes more efficient in Thailand, human trafficking, and plans to develop economic zones along border areas – for example, in Mae 3 Sot district of Tak province - to boost trade, investment and create jobs in the areas . With a stated goal of facilitating border trade, 3 pairs of adjacent provinces were named as “sister provinces” under Memorandums of Understanding between Myanmar and Thailand signed by the respective Provincial governors during the trip.4 Sharing more than 2000 kilometer of border, both leaders reportedly understood these issues as “partnership matters for security and development” (Bangkok Post, 2014). -
Financial Institutions of Myanmar Law (1990) 1
Financial Institutions of Myanmar Law (1990) 1 The State Law and Order Restoration Council The Financial Institutions of Myanmar Law (The State Law and Order Restoration Council Law No. 16/90) The 13th Waxing Day of Waso, 1352 M.E. (4th July, 1990) The State Law and Order Restoration Council hereby enacts the following Law:- Chapter I Title and Definition This Law shall be called the Financial Institutions of Myanmar Law. 2. The following expressions contained in this Law shall have the meanings given hereunder:- (a) Financial Institution means an enterprise established in the State, whose corporate purpose is intermediation on the money or capital markets through the collection of financial resources from third parties for investment on their own account in credit operations, credit and public debt instruments, securities, or other authorized financial activities; (b) Central Bank means the Central Bank of Myanmar; (c) Board means the Board of Directors of the Financial Institution; (d) Chairman means the Chairman of the Board of Directors of the Financial Institution; (e) Member means the member of the Board of Directors of the Financial Institution. 1 http://www.investinmyanmar.com/myanmar-investment-laws/ 26 September 2014. 2 Chapter II Establishment 3. (a) The Financial Institutions other than those specifically established under this Law shall be established as limited liability company in accordance with the Myanmar Companies Act as well as with the Special Company Act, 1950; (h) This Law shall apply to the financial institutions. 4. The shares and stock any financial institution, with or without voting rights, shell be registered. Preferencial shares shall not be converted into share or stock with voting rights. -
0113 Titlepage
APRACA FinPower Programme A Review of Rural Finance Innovations in Asia: New Approaches, Best Practices and Lessons Ramon C. Yedra With Special Sponsorship of the International Fund for Agricultural Development (IFAD) APRACA FinPower Publication 2007/4 A Review of Rural Finance Innovations in Asia: New Approaches, Best Practices and Lessons Ramon C. Yedra With Special Sponsorship of the International Fund for Agricultural Development (IFAD) i Published by: Asia-Pacific Rural and Agricultural Credit Association (APRACA) Printing by: Erawan Printing Press Distribution: For copies write to: The Secretary General Asia-Pacific Rural and Agricultural Credit Association (APRACA) 39 Maliwan Mansion, Phra Atit Road Bangkok 10200, Thailand Tel: (66-2) 280-0195, 697-4360 Fax: (66-2) 280-1524 E-mail: [email protected] Website: www.apraca.org Editing: Benedicto S. Bayaua Layout credit: Sofia Champanand E-Copies: E-copies in PDF file can also be downloaded from APRACA’s website. This review is published by APRACA under the auspices of the IFAD-supported APRACA FinPower Program. The review was commissioned through APRACA CENTRAB, the training and research arm of APRACA. The data gathered were based on primary and secondary data, interviews and information with key informants in selected APRACA represented countries. Opinions expressed by the author do not necessarily represent the official views of APRACA nor of IFAD. This review is published during the incumbency of Mr. Thiraphong Tangthirasunan (APRACA Chairman), Dr. Do Tat Ngoc (APRACA Vice-Chairman), Mr. Benedicto S. Bayaua (Secretary General). ii MESSAGE from the APRACA CHAIRMAN and VICE-CHAIRMAN reetings! This review of rural financial innovations and best practices is a testimony of APRACA’s G strong commitment to pursue the promotion of efficient and effective rural financial systems and broadened access to rural financial services in order to help reduce rural poverty among countries in Asia and the Pacific. -
Myanmar's Important Position to Enhance Regional Connectivity
Myanmar’s Important Position to Enhance Regional Connectivity TEXT Presentation at International Conference to Commemorate the 20th Anniversary of ASEAN-India Cooperation, Chulalongkorn University, Bangkok, 20-21 September 2012 Tin Htoo Naing Yangon institute of Economics Myanmar • The new government, in office since April 2011, has ushered in a new era for Myanmar. • It is the first democratically elected government to come to power through general elections in five decades. • The government has put in place measures to achieve positive changes in political, economic and social spheres in line with the market conditions and international circumstances. • The genuineness of the democratic reforms carried out by the new government is widely questioned. • Some observers generally accept that the reforms have been genuine and are likely to be irreversible, but believe that the rush to reform may possibly cause burnout in Myanmar because the financial, technical and managerial capacity of the government institutions and all stakeholders fall behind the pace of reforms. • In politics, although it cannot be said that political conflicts and struggles for democracy that have been locked in many years of stalemate have been resolved, cooperation on the common grounds has become a possibility based on the concept of unity in diversity. • In the ethnic affairs, negotiations have been carried out with almost all the nationality organisations that have been engaged in armed insurrection for decades and most of them have resulted in preliminary agreements and successes while some racial strife remain and delay the reform process. • In the economic sphere, development ideologies and strategies are also to be altered in accordance with the change of government system. -
United Bank of India
DISCLOSURE DOCUMENT Private & Confidential – Not for Circulation [This is a Disclosure Document prepared in conformity with Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 issued vide circular No. LAD-NRO/GN/2008/13/127878 dated June 06, 2008] UNITED BANK OF INDIA (A Government of India Undertaking) Constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 Head Office: 11, Hemanta Basu Sarani, Kolkata – 700 001, West Bengal Tel: (033) 22483857, 22480592 Fax: 91-33-22420897, 22489391 Website: www.unitedbankofindia.com E-mail:[email protected], [email protected], [email protected] DISCLOSURE DOCUMENT FOR PRIVATE PLACEMENT OF UNSECURED REDEEMABLE NON- CONVERTIBLE SUBORDINATED TIER-II BONDS (SERIES VII) IN THE NATURE OF PROMISSORY NOTES OF RS. 10 LAKH EACH FOR CASH AT PAR AGGREGATING RS.100 CRORE WITH AN OPTION TO RETAIN OVERSUBSCRIPTION OF RS.100 CRORE REGISTRARS TO THE ISSUE TRUSTEE FOR THE BONDHOLDERS Link Intime India Pvt. Ltd. IDBI Trusteeship Services Ltd. C-13, Pannalal Silk Mills Compound Registered Office LBS Marg, Bhandup (West) Asian Building, Ground Floor Mumbai – 400 078 17, R Kamani Marg, Ballard Estate Tel: (022) 2596 3838 Mumbai – 400 001 Fax: 91-22-2594 6969 Tel: (022) 4080 7000 E-mail: [email protected] Fax: 91-22-6631 1776 / 4080 7080 E-mail: [email protected] SOLE ARRANGERS TO THE ISSUE IDFC Ltd, Naman Chambers, C-32, G-Block, Bandra-Kurla Complex, Bandra (E), Mumbai 400 051. ISSUE OPENS ON: December 28, 2011 ISSUE CLOSES ON: December 28, 2011 1 DISCLOSURE DOCUMENT TABLE OF CONTENTS INDEX TITLE I. -
Miximizing Stakeholder Value Through Corporate Sustainability Table of Contents
MIXIMIZING STAKEHOLDER VALUE THROUGH CORPORATE SUSTAINABILITY TABLE OF CONTENTS LETTER FROM CHAIRMAN EXECUTIVE BOARD CORPORATE CULTURE • Vision, Mission, Value • Our People • Milestones • Group Structure • Our Management CORPORATE GOVERNANCE • Sustainability Matrix FINANCIAL HIGHLIGHTS • Financial Review • Consolidated Revenue and Net Income BUSINESS SECTORS • Energy • Hotel • Construction • Highway • Manufacturing • Trading • Agriculture CORPORATE SOCIAL RESPONSIBILITY (CSR) • Employee Engagement • Community and Environment Engagement • United Nations Global Compact (UNGC) • AYEYARWADY FOUNDATION Letter from Chairman Pursuing excellence, embracing changes, acting with integrity and laying strong foundation for the future success Greeting from Max Myanmar. It gives me great pleasure to report that 2015-2016 financial year was another year of excellent progress and growth for Max Myanmar. From our company’s inception in 1993, each subsidiary of Max Myanmar has been continuously delivering greater services to our stakeholders. We are always striving hard to increase our core values of the goodwill to the people in general and the local com- munity in particular, pursuing excellence, embracing changes, acting with integrity and laying strong foundation for the future success of Myanmar. With an ambitious and a vibrant restructuring pro- gram, we have strived to transform ourselves into a Group of Companies with international practices. It has been another strong year of record result for Max Myanmar Group as we continue to execute our strategy, with revenue from core operations in 2015-16 increasing to USD 210.67 million. This is an exceptional achievement contributing by the opening of Novotel Yangon Max Hotel in April 2015. Max Hotels Group has the highest gross profit among the Max Myanmar Group entities at c.64%, which is attributable to higher occupancy rate arising from the opening of Novotel Yangon Hotel and income from outlet space rental in Novotel. -
The Role of Central Banks in Scaling up Sustainable Finance: What Do Monetary Authorities in Asia and the Pacific Think? ADBI Working Paper 1099
ADBI Working Paper Series THE ROLE OF CENTRAL BANKS IN SCALING UP SUSTAINABLE FINANCE: WHAT DO MONETARY AUTHORITIES IN ASIA AND THE PACIFIC THINK? Aziz Durrani, Ulrich Volz, and Masyitah Rosmin No. 1099 March 2020 Asian Development Bank Institute Aziz Durrani is a senior financial sector specialist at the South East Asian Central Banks (SEACEN) Research and Training Centre. Ulrich Volz is director of the SOAS Centre for Sustainable Finance and reader in economics at SOAS University of London; and senior research fellow at the German Development Institute. Masyitah Rosmin is a research associate at the SEACEN Centre. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Working papers are subject to formal revision and correction before they are finalized and considered published. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. Some working papers may develop into other forms of publication. The Asian Development Bank refers to “China” as the People’s Republic of China. In this report, “$” refers to United States dollars, unless otherwise stated. Suggested citation: Durrani, A., U. -
Country Report Myanmar
Country Report Myanmar Natural Disaster Risk Assessment and Area Business Continuity Plan Formulation for Industrial Agglomerated Areas in the ASEAN Region March 2015 AHA CENTRE Japan International Cooperation Agency OYO International Corporation Mitsubishi Research Institute, Inc. CTI Engineering International Co., Ltd. Overview of the Country Basic Information of Myanmar 1), 2), 3) National Flag Country Name Long form: Republic of the Union of Myanmar Short form: Myanmar Capital Naypidaw Area (km2) Total : 676,590 Land: 653,290 Inland Water: 23,300 Population 53,259,018 Population density 82 (people/km2 of land area) Population growth 0.9 (annual %) Urban population 33 (% of total) Languages Myanmar Ethnic Groups Burmese (about 70%),many other ethnic groups Religions Buddhism (90%), Christianity, Islam, others GDP (current US$) (billion) 55(Estimate) GNI per capita, PPP - (current international $) GDP growth (annual %) 6.4(Estimate) Agriculture, value added 48 (% of GDP) Industry, value added 16 (% of GDP) Services, etc., value added 35 (% of GDP) Brief Description Myanmar covers the western part of Indochina Peninsula, and the land area is about 1.8 times the size of Japan. Myanmar has a long territory stretching north to south, with the Irrawaddy River running through the heart of the country. While Burmese is the largest ethnic group in the country, the country has many ethnic minorities. Myanmar joined ASEAN on July 23, 1997, together with Laos. Due to the isolationist policy adopted by the military government led by Ne Win which continued until 1988, the economic development of Myanmar fell far behind other ASEAN countries. Today, Myanmar is a republic, and President Thein Sein is the head of state. -
Myanmar's Economy in 2006
0 MYANMAR – THE STATE, COMMUNITY AND THE ENVIRONMENT ASSESSING THE ECONOMIC SITUATION AFTER THE 2001–2002 BANKING CRISIS Myanmar’s economy in 00 Sean Turnell Myanmar was likely to experience moderate but superficial economic growth through 2006. The country’s ruling military regime, the self- styled State Peace and Development Council (SPDC), has claimed GDP growth rates in excess of 10 per cent per annum for almost a decade. If true, this would make Myanmar one of the world’s fastest and most consistently growing economies. These claims are without foundation, but a growth rate of between 1.5 and 4 per cent was not beyond reach for 2006. Such growth, however, would primarily be a consequence of the high prices Myanmar can now command for its exports of natural gas, and from greater export volumes of gas from new fields currently being brought on stream. In every other respect, Myanmar’s economy will continue to under-perform, in terms of its own potential and relative to that of its neighbours and peers. Indeed, to a large degree, Myanmar’s probable rising gas exports will bring about unfortunate consequences for the country—allowing the SPDC to postpone the economic and political reforms the country needs if its people are to enjoy any measure of economic security. Myanmar, in short, will likely experience a ‘gas curse’ MYANMAR’S ECONOMY IN 2006 0 every bit as inimical to good economic policymaking as has often been a by-product of oil elsewhere. Myanmar is one of the poorest countries in Southeast Asia, yet, only 50 years ago, it was one of the wealthiest.