NAYPYIDAW - This is a story that describes the downfall of the financial sector of Myanmar after the military coup in February 2021. Due to a history of nationalisations and demonetisations, people and businesses lost trust in the banks immediately after the coup. That resulted in a bankrun.
Only one week after the coup money became scares, with all the consequences for the account holders. It also welcomed the return of the money brokers. Not before long you had to pay up to 13% commission to get your money from your account. A team of journalists talks to a businessman who was robbed by one of the brokers. Most old style businessmen tell them not to worry too much, so does the director of the CBM (Central Bank Myanmar). But many small businesses are suffering, people are suffering and the military sees the banking sector just as another means to crack down on the opposition. Meanwhile, the world's fastest growing financial sector has plunged in a deep ravine. And rebuilding trust can only happen when the generals leave the political area forever. Which is very unlikely to happen.
Attached to the main publication is a 700-words article "A brief history of Myanmar banking" in which the investigative team describes the various phases of the Myanmar financial sector. The overall message seems to be: The Myanmar military always kept control over the financial sector, even though from 2014 till 2020 it looked like the banks and the CBM (Central Bank of Myanmar) were going to adapt themselves to international standards.
For security reasons two journalists from this investigative team want to remain anonymous, but they're known to our organisation.
Photo: Sunset for the promising bank sector in Myanmars' economic centre Yangon
- BANKING UNDER THE GENERALS: Myanmar military once again cause chaos in the banking sector - Mizzima (Myanmar), 26/04/2022;
- A brief history of banking in Myanmar - Mizzima (Myanmar), 26/04/2022
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