Central Bank dismisses talk of bank closures in wake of political crisis

The Central Bank of Myanmar has said that banks are not at risk of closing due to panicked withdrawals triggered by the past week’s political events.
 
 The stories are “just a rumour,’ according to a Central Bank statement cited by the state-backed Global New Light of Myanmar, which ran those words on its front page in incredibly large font.
 
“If a bank run happens to private banks, they will be fully provided with necessary assistance in accord [sic] with the law,” the statement said.
 
The report went on to say that rumours of panicked withdrawals had made the rounds on social media in recent days in the wake of Shwe Mann’s ouster as ruling party chairman.
 
The apparent instability and bank run chatter sent people rushing to ATMs.
 
Photo / Coconuts Yangon