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2003 Myanmar banking crisis
The 2003 banking crisis of Myanmar was a major bank run in private banking that hit Myanmar (Burma) in February 2003. It started with a decline in the trust for private financial institutions following the collapse of small financial enterprises and proliferating rumors about the liquidity of major private banks. Leading to a bank run on the Asia Wealth Bank, the crisis quickly spread to all major private banks in the country.〔"The World Factbook". Retrieved 10 March 2015. Available at: https://www.cia.gov/library/publications/the-world-factbook/geos/bm.html#Econ〕〔Zaw Oo. "Throwing Good Money After Bad: Banking Crisis in Burma". Burma Fund Policy Brief 3. Washington, D.C.: The Burma Fund, 2003.〕 It led to severe liquidity problems for private banks and scarcity of the kyat. Though exact data is not available, it is believed that the crisis caused major economic hardship for many in Myanmar.〔Tumell, S. R. "Myanmar’s Banking Crises". ASEAN Economic Bulletin, Vol 20 (3), December 2003. Available at: www.jstor.org/stable/25773787〕
==Background ==
Myanmar’s banking system has been in a process of transition in the period leading up to the crises. From the 1962 overthrow of the government by General Ne Win until 1990, state institutions dominated the financial sector in Myanmar.〔May Kaung, "Bank Crisis Reeks of a Ponzi Scheme", The Irrawaddy, 26 February 2003, online edition. Available at: http://www2.irrawaddy.org/opinion_story.php?art_id=342〕 Only with the adoption of the Financial Institutions of Myanmar law by the State Peace and Development Council in 1990, private banks were allowed to form and operate in the country.〔Union of Myanmar. Financial Institutions of Myanmar Law. Rangoon: State Law and Order Restoration Council, 1990.〕 By early 2003, there were 20 private banks in the country. However, many of these banks were relatively small. Five private banks dominated the field: Asia Wealth Bank, Yoma Bank, Kanbawza Bank, Myanmar Mayflower Bank and the Myanmar Oriental Bank. Though not all private banks grew considerably by international standards, the growth of the private banking sector and the share of the deposits in private banks increased in the 1990s and early 2000s.〔Tumell, S. R. “Myanmar’s Banking Crises”. ASEAN Economic Bulletin, Vol 20 (3), December 2003. Available at: http://www.jstor.org/discover/10.2307/25773787?sid=21106071315253&uid=4&uid=3738576&uid=2〕 While private banks accounted for only about 10% of savings in 1994, by 2003, the amount increased to about 66%.〔〔Backman, M. "Myanmar's Banking Meltdown Goes Unnoticed Beyond its Borders". The Age, 20 March 2003. Available at: http://www.theage.com.au/articles/2003/03/19/1047749824134.html〕 Though state owned Myanmar Economic Bank had the most number of branches, in all other metrics private banks started to overshadow public banks.〔Tumell, S. R. "Reforming the Banking System in Myanmar: A Survey of the Problems and Possibilities". Technical Advisory Network of Burma, Working Papers 7. Washington, D.C.: The Burma Fund, 2002.〕
However, while the importance of private banks in Myanmar did increase in this period, there were multiple indicators that suggested the private banks did not truly perform optimally.〔Economic Intelligence Unit. Myanmar (Burma), Country Report May 2003. London: Economist Intelligence Unit, 2003〕 For example, outside of certain urban centres such as Yangon and Mandalay, the banking system did not penetrate the lives of the populace.〔Economist Intelligence Unit. Myanmar (Burma), Country Profile 2002. London: Economist Intelligence Unit, 2002, p.32〕 For the majority of the population, keeping wealth in form tangibles (such as gold or other precious metals) and borrowing from private moneylenders were still the norm. Also, though entrance to the market was available after 1990, the banks still had to work under wide ranging regulations; including ceilings on interest rates. The fact that these ceilings were below the inflation rate of Myanamar led to “schemes (especially in real estate) whose principle promise was to act as an inflation hedge,” which ultimately resulted in real estate price bubbles and financial instability even before the 2003 crises.〔Turnell (2003), p. 273〕
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