Central Bank of Myanmar denies reports of bank closures

The Central Bank of Myanmar, under the Ministry of Finance and Revenue, located in Yankin Township, Yangon. Photo: Mizzima

The Central Bank of Myanmar (CBM) has refuted rumours about the impending closure of some banks triggered by the withdrawal of savings by large number of customers, reported Xinhua on 19 August.

The central bank, in its statement released on 19 August, denied that it has plans to shut down some banks, pointing out that stories circulating on social media about bank closures are just rumours.

The statement said that the CBM will fully provide necessary assistance in accordance with law if a bank run happens to private banks.

Deputy Governor of the CBM U Set Aung reiterated that the CBM would lend money to any bank during a run on deposits if the bank was unable to acquire additional cash elsewhere.

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