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Myanmar Wants to Modernize Its Banking System

  • Nation’s gross domestic product growth exceeded 8% last year
  • Opaque financial state of government lenders seen as key risk
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Myanmar Pushes to Modernize Financial System

Myanmar is embarking on the first comprehensive audit of state-owned banks in decades, part of a push to modernize the financial system and tackle risks to the nation’s rapid economic growth.

The World Bank is working with Aung San Suu Kyi’s government on the project and the results will help to clarify options for restructuring the sector, according to Nagavalli Annamalai, a lead counsel at the multilateral lender who’s specialized in banking sector development for almost two decades.