Question

Do you think that the Burmese (Myanmar) will ever trust the banks? Why or why not?

Do you think that the Burmese (Myanmar) will ever trust the banks? Why or why not?

Homework Answers

Answer #1

Myanmar (Burma) is not a developed country and has very shallow financial system. It doesn't have a well functioning system since it became independent of Britain. People in Myanmar, don't trust their banking system. A lot of them don't even have bank accounts and affluents have bank account abroad. There were few instances in which banks did destroyed people's life savings.

Myanmar had military dictatorship, and military junta, which rules Myanmar, allowed private banks to exist but with a lot of sactions that they really did not exist till 1990s. Bureacrats and Military officers with little to no knowledge in monetary policy were running Myanmar's Central Bank.

However, now there are movements going on in Myanmar to make it a democracy and the financial system seems to be improving. In main cities like Rangon, the capital, one can see a clear sign of trust - people deposit a lot of cash in banks.

So, it is possible for people in Myanmar to have again trust in banking system, but it will take a while for that to happen.

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