TITLE

Financial Panic In Myanmar

PUB. DATE
May 2003
SOURCE
Asia Monitor: South East Asia Monitor Volume 1;May2003, Vol. 14 Issue 5, p8
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
Myanmar's military-ruled economy is unstable as of May 2003. Huge macroeconomic imbalances and a large, unprofitable and inefficient state sector mean that economic problems are widespread. Lately, a number of problems are plaguing the financial sector. The banking industry remains dominated by state-owned banks although private banks have increased in importance since being established in 1992. Interest rates are state administered around the central bank rate, but with inflation generally running well into double digits, returns on savings are vastly negative. The failure of several non-bank institutions has caused a loss of confidence in Myanmar's private banks and has prompted consumers to rush to withdraw deposits.
ACCESSION #
9876852

 

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