MySQUAR says lifting of US sanctions against Myanmar to boost trade

MySQUAR said its financial outlook has improved after the US formally ended its sanctions against Myanmar on Friday.

The Myanmar-language social media, entertainment and payments platform noted that the US has ended a declared “National Emergency” categorisation which had been in place since 1997, resulting in sanctions which were increased by a subsequent executive order in 2007.

Chief executive officer Eric Schaer said the lifting of the sanctions goes even further than the company had hoped.

“This changes the whole economy of Myanmar going forward and enhances the financial outlook of the company. Inward investment and trade should increase significantly as a result of the U.S. decision, increasing the prosperity of the Myanmar population.

“We believe that this development will have a profound effect on Myanmar and anyone conducting business therein."

US President Barack Obama lifted the sanctions on Friday, saying in a letter to the US House and Senate speakers: "I have determined that the situation that gave rise to the national emergency with respect to Burma has been significantly altered by Burma's substantial advances to promote democracy, including historic elections in November 2015.

“While Burma faces significant challenges, including the consolidation of its democracy, the United States can, and intends to, use other means to support the government and people of Burma in their efforts to address these challenges.”

At 1000 BST, the shares were up 4.3% to 4.56p.