The volatility of the kyat and its impact on the banking sector has been in the headlines as Myanmar continues its cautious journey towards democratic reform.
Over 10 days from the start of February, the kyat strengthened from about K1,300 to the US dollar, to about K1,205, an appreciation against the American currency of around 7 percent.
The volatility of the kyat during the period seriously disrupted the operations of private banks and authorised foreign exchange counters, forcing them to temporarily suspend buying US dollars.
This week I would like to explore the reasons for the volatility of the kyat, the likely consequences and the role of Central Bank of Myanmar. (Courtesy of Frontier Myanmar)
February 29, 2016
Myanmar triples electricity supply expenditure
Myanmar has tripled its expenditure on electricity supply over the past five years, an official report said on Sunday.
In the fiscal year 2015-16 until March, the government invested $481 millions, up from $143 million, Deputy Minister of Electric Power U Maw Tha Htwe said.
Noting that the country's individual consumption of electricity stands at 222 kilowatts, the deputy minister revealed the installed capacity of electricity of Myanmar rose from 3,400 megawatts in 2010 to 5,089 mw in 2015 and electricity has been distributed to 15,000 of 60,000 villages across the country, Xinhua news agency reported. (Courtesy of Business Standard News)
In the fiscal year 2015-16 until March, the government invested $481 millions, up from $143 million, Deputy Minister of Electric Power U Maw Tha Htwe said.
Noting that the country's individual consumption of electricity stands at 222 kilowatts, the deputy minister revealed the installed capacity of electricity of Myanmar rose from 3,400 megawatts in 2010 to 5,089 mw in 2015 and electricity has been distributed to 15,000 of 60,000 villages across the country, Xinhua news agency reported. (Courtesy of Business Standard News)
Myanmar nationalists demonstrate against Suu Kyi presidency bid
Hundreds of demonstrators in Yangon Sunday protested against tweaking the constitution to allow opposition leader Aung San Suu Kyi to become the next head of state.
About 500 Buddhist nationalists gathered in the commercial capital Yangon wearing white-shirts bearing the slogan "We support section 59 for the country's future."
Suu Kyi, whose National League for Democracy won a landslide election in November, has been in negotiations with the outgoing military administration to repeal or suspend article 59 (f), which outlaws anyone with foreign family memebers from taking the post. Suu Kyi's late husband was British, and their two sons are British citizens. (Courtesy of dpa news)
About 500 Buddhist nationalists gathered in the commercial capital Yangon wearing white-shirts bearing the slogan "We support section 59 for the country's future."
Suu Kyi, whose National League for Democracy won a landslide election in November, has been in negotiations with the outgoing military administration to repeal or suspend article 59 (f), which outlaws anyone with foreign family memebers from taking the post. Suu Kyi's late husband was British, and their two sons are British citizens. (Courtesy of dpa news)
February 28, 2016
Dawei road start faces delays
Construction of a road linking the Dawei deep-sea port in Myanmar with Kanchanaburi will be delayed after Japan determined that 15-degree inclines along seven stretches of the road would be unsafe for lorries.
Transport Minister Arkhom Termpittayapaisith said on Friday construction of the 138km road from the Dawei deep-sea port to Ban Phu Nam Ron in Kanchanaburi must be postponed.
The project was due to start in March.
The delay comes following an inspection by the Japan International Cooperation Agency (Jica). (Courtesy of Bangkok Post: News)
Transport Minister Arkhom Termpittayapaisith said on Friday construction of the 138km road from the Dawei deep-sea port to Ban Phu Nam Ron in Kanchanaburi must be postponed.
The project was due to start in March.
The delay comes following an inspection by the Japan International Cooperation Agency (Jica). (Courtesy of Bangkok Post: News)
Myanmar anti-drug group fears for its safety after being ambushed by poppy farmers
Christian anti-drug vigilantes in Myanmar said on Saturday they had halted a mission to raze poppy fields while at least 30 of their members were recovering from injuries sustained during violent clashes with unknown attackers this week.
Pat Jasan, a hardline Christian group known for flogging drug users, said it was assailed by a mob wielding explosives and stones on Thursday after it set out to destroy poppy plants against the wishes of local farmers in the hilly and far-flung Kachin state. (Courtesy of South China Morning Post)
Pat Jasan, a hardline Christian group known for flogging drug users, said it was assailed by a mob wielding explosives and stones on Thursday after it set out to destroy poppy plants against the wishes of local farmers in the hilly and far-flung Kachin state. (Courtesy of South China Morning Post)
NLD surprised over peace mission report
Drawing attention to the Naga Hoho and ENPO peace mission to Myanmar, the National League for Democracy (NLD), Naga Region Headquarters, Lahe town, Naga Self-Administered Zone, Myanmar has said while it was happy to know the about trip, though it was not informed, it was equally surprised to learn “certain elements” in their trip report.
In a press release, NLD, Naga region chairman Law Yone the report mentioned the former MPs as incumbent though they were no more in the office since February 1, 2016.
NLD, Naga Region termed it as “unfortunate” and said not an iota about the trip was informed to them though they had been given the office since February 1. (Courtesy of Nagaland Post)
In a press release, NLD, Naga region chairman Law Yone the report mentioned the former MPs as incumbent though they were no more in the office since February 1, 2016.
NLD, Naga Region termed it as “unfortunate” and said not an iota about the trip was informed to them though they had been given the office since February 1. (Courtesy of Nagaland Post)
Karen WARY of ceasefire in world’s longest civil war
The boisterous crowd suddenly falls silent as booming drums signal the start of the military parade. Smartphones are whipped from pockets by Karen of all ages who have been gathering since before dawn.
The highlight of the 67th Karen Resistance Day is underway with the first-ever march-past by every brigade of the Karen National Liberation Army (KNLA), an unprecedented show of military might and defiance by the armed wing of the Karen National Union.
The January 31 parade was the culmination of a day of music and traditional dancing interspersed with more sombre reflection over photos and stories of the soldiers who sacrificed their lives for independence. More poignant reminders of what is being fought for came in an exhibition on Karen state's natural treasures - rivers, forests and wildlife. (Courtesy of The Nation)
The highlight of the 67th Karen Resistance Day is underway with the first-ever march-past by every brigade of the Karen National Liberation Army (KNLA), an unprecedented show of military might and defiance by the armed wing of the Karen National Union.
The January 31 parade was the culmination of a day of music and traditional dancing interspersed with more sombre reflection over photos and stories of the soldiers who sacrificed their lives for independence. More poignant reminders of what is being fought for came in an exhibition on Karen state's natural treasures - rivers, forests and wildlife. (Courtesy of The Nation)
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