Private bank operation back to normal in Myanmar after denial of rumors

Private bank operation has returned to normal in Myanmar's Yangon after the bank authorities denied recent rumors about the instability of Kanbawza Bank, one of the leading private banks in the country. "It has returned to normal. People should not believe such rumors," official media quoted Deputy Director-General of the Central Bank of Myanmar U Win Thaw as saying Sunday. "Private banks are running normally in accordance with laws, rules and regulations. People should not worry about the private banks. The Central Bank takes full responsibility for the private banks. Authority concerned has dealt with the matter," U Win Thaw said. "Recent rumors are just fabrication that might cause a hamper to the state's development and economic development, People should not believe it," President of Myanmar's Chamber of Commerce and Industry U Win Aung was also quoted as saying. According to the report, action is being taken to expose the real cause of the rumors which had created some panic among savers with the bank over the past few days. There is a total of 19 private banks and four state-owned banks in Myanmar. There are also 20 foreign bank representative offices in Myanmar which include those from Singapore, Bangladesh, China, France, Japan, Malaysia, Netherlands, Thailand, Cambodia, Brunei, Vietnam, South Korea, the United States and the United Kingdom.