Mizzima awarded global JTI certificate for reliable news on Myanmar

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Mizzima Mizzima, one of Myanmar ’s most prominent news outlets and a press freedom advocate, obtained the Journalism Trust Initiative ( JTI ) certification from global audit firm Bureau Veritas , JTI says in a press statement 5 January.  Operating in clandestine mode within Myanmar and supported by an exiled team, Mizzima strives to fulfil its role as reliable source of news and information for the Myanmar public. “Your Journalism Trust Initiative certification affirms what audiences already know: that principled, transparent journalism matters. Congratulations on this achievement and on your continued contribution to informing citizens about Myanmar,” says Benjamin Sabbah , director of Journalism Trust Initiative “Myanmar’s ongoing conflict has created an intensely contested media landscape, where mis- and disinformation are increasingly deployed to reinforce state propaganda and the prevailing “official” narrative. Although Mizzima is already regarded as one of the most trusted ...
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Banks increase interest rate by 2 per cent

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Thursday, 09 February 2012 14:44 Mizzima News

(Mizzzima) – A number of Burmese banks have raised the interest rate to 10 per cent from 8 per cent in a move to increase the rate of savings, The Myanmar Times reported on Wednesday. 

The move follows the lowering of bank loan interest rates in January by some private banks from 12 per cent to 10 per cent, which was aimed to encourage entrepreneurs.

Burma’s Ministry of Finance and Revenue said there have been 19 private banks established in the country since 1992, with 305 branches.

The Central Bank had recently granted private banks the option of setting interest rates in the 10-12 per cent range, said an article published on Monday.

A senior official from Innwa Bank said: “We chose to raise the interest rate for current saving accounts 10pc starting from February 1.”

The Central Bank also lowered interest charged on loans to 13 per cent from 15 per cent on January 1.

A report in late January by the International Monetary Fund cited the need to expand the number of banks and the accessibility of credit, particularly to farmers.

The report said: “Modernization of the financial system should be expedited to facilitate broad-based growth. Improvements to financial intermediation should begin by phasing out the deposit-to-capital ratio and expanding the list of collateral, including to all crops. Expansion of bank networks, especially in rural areas, is essential to increase access to finance. Nurturing a stronger commercial banking culture requires price competition. Interest rate liberalization started with some freedom in setting deposit rates, and should be extended to loan products. A level playing field between state and private banks, including in the areas of regulation and supervision, is critical to promote competition.”

Allowing joint ventures with foreign banks would expedite the transfer of technology and prepare the sector for Asean financial integration in 2015, the report said.         

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