The Central Bank of Myanmar has announced a statement on September 1, saying that the people should not worry about the banking industry. 

The central bank is carrying out the supervision of private banks through the issuance of necessary rules and regulations in order to ensure the stability of banking and monetary sector and to meet international standards. 

The Deputy-Governor of the Central Bank of Myanmar replied to the questions raised by MP Thant Zin Tun from Deikkiha Thiri Constituency and MP Maung Myint from Minkin Constituency, at the regular session of lower House Parliament on August 27. 

His reply does not fully reflect the central bank’s stance. The central bank will continue to support discussions and interactions between  the private banks and entrepreneurs. According to the nature of the central bank, it will fully provide support and assistance to the private banks, when necessary, as the lender of last resort. There is no necessity for the public to be concerned about the banking sector. 

Replying to the question raised by MP Maung Myint, Deputy-Governor Soe Thein said the central bank understood the fact that the entrepreneurs are facing difficulties. However, the money loaned by the banks was deposited by the public. The banks had a duty to carry out the systematic management of money deposited by the public with trust. The central bank’s duty was to supervise whether the private banks manage these money systematically or not. The central bank coordinated the entrepreneurs’ problems as much as it can. It has to wait for long. The central bank was not in a position to defer to them again.