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Burma Denies Private Banks to Collapse - 2003-02-11


Burma's central bank chairman has denied growing rumors that several Burmese private banks are in danger of collapsing.

Kyaw Kyaw Maung told reporters that all of Burma's private banks are in strong financial shape.

His comments came amid rumors that several Burmese banks were facing bankruptcy. Many bank customers are said to have withdrawn their savings in recent days.

Burma's economy is considered weak, and analysts believe the country has little foreign reserves.

Information for this report is provided by AP.

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