THE Yangon Stock Exchange does not lack ambition. It is housed within the imposing former headquarters of the central bank. The two guards manning the entrance protect a stack of visitor badges, mostly unused. Inside, a list of “missions”—integrity, fairness and openness—hangs beside a Christmas tree which still has presents stacked beneath it in late February. Books by Warren Buffett and Thomas Piketty are prominently displayed. The centrepiece is a series of television screens tracking the fortunes of the five companies listed on the exchange. When a power cut momentarily shuts everything down, one of the 20 employees is reassuring. “Don’t worry—we have a generator,” he explains, as the lights gradually return.
When Myanmar’s transition to democracy began in 2011, the government seemed equally hopeful for the economy. The president of the day, Thein Sein, a former army general, started reversing half a century of stasis and isolation. He gave the central bank more independence and awarded mobile licences to foreign telecoms...Continue reading
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