The Ministry of Electric Power issued an announcement of 30 August 2024 announcing that both domestic and non-domestic electricity tariffs are set to increase increase significantly from September 2024. (more…)

The Central Bank policy interest rate is to increase from 7% to 9% from 1 September 2024. (more…)

On 9 August 2024, the Directorate of Trade under the Ministry of Commerce (MOC) issued Announcement 11/2024, relating to businesses involved in online sales in Myanmar. This announcement supplements earlier regulations requiring registration of such businesses. (more…)

Myanmar’s minimum wage has been set at Kyats 4800 for an 8-hour working day or an hourly rate of Kyats 600 since 2018. While the minimum wage has not changed, the National Committee for Setting the Minimum Wages (the Committee) issued Notification No.2/2023, providing for an additional allowance of Kyats 1000 per day starting from 1 October 2023. (more…)

On August 7, the Central Bank of Myanmar (CBM) issued notification 37/2024 with measures aimed at boosting the foreign exchange supplies in the market and mitigating foreign exchange losses for exporters. Starting from August 8, 2024, there is a new requirement for exporters to convert 25% of their foreign currency revenues into Myanmar Kyat at the reference rate, which is about MMK2,100 per USD. (more…)