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Burmese Militray Government Reassures Public About Bank Crisis - 2003-02-22


Burma's ruling military junta has reassured the public about the safety of bank deposits following a rush on private banks in recent weeks.

The New Light of Myanmar newspaper quoted General Khin Nyunt, first secretary of the ruling State Peace and Development Council, as saying that people should not worry about carrying on business with the banks as usual.

During a speech at a trade and commerce ministry meeting today (Saturday), the general said the government had taken measures to ensure people did not face difficulties in dealing with private banks.

In recent weeks, depositors have rushed Burma's private banks, seeking to withdraw their savings amid rumors of their imminent collapse.

Analysts say the run on deposits began when 14 financial services companies stopped paying investors about three weeks ago.

Some reports say the groups were operating outside of government regulations and offering returns of about 60 percent a year.

Information for this report is provided by AFP.

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