Myanmar’s physical and technical infrastructure, as well as its financial systems, are rooted in a different age. Decades of poverty and isolation mean that electricity supplies are patchy, transport is unreliable, international mobile phone roaming is generally not possible, and banks are only just beginning to use electronic payment systems. Currently it is difficult to transfer money between Myanmar and foreign bank accounts, and foreign bank and credit cards are only now starting to be accepted.
However, things are changing fast. With the lifting of sanctions, international financial institutions and trade organisations are returning: the World Bank opened an office in Yangon in August 2012; the Asian Development Bank now has offices in Yangon and the capital, Nay Pyi Taw; UK Trade & Investment opened its office in Yangon in July 2012; and some large international banks have opened representative offices in Yangon. With the help of the Tokyo Stock Exchange, the government is preparing to establish Myanmar’s first stock exchange, and new laws have been drafted with the aim of simplifying and encouraging foreign exchange and investment.
Another issue being addressed as part of the current reform agenda is the lack of education amongst the general population. Historical underinvestment – due to poverty and a wish by the ruling military junta to keep restive students in check – means that Myanmar’s workforce is lacking in technical skills when compared to other countries in the region.
Things are changing fast in Myanmar, and this website is continually updated with the latest travel and accommodation information. But to keep abreast of political and economic developments, keep an eye on these