YANGON, March 7 (Xinhuanet) -- A total of 20 private banks have
been established across Myanmar since the country allowed the
private sector to run banks again in 1992, nearly three decades
after the nationalization of private banks in the early 1960s.
   Of the 20 private banks, the Asia Wealth Bank, Myanmar
Mayflower Bank, Yoma Bank, Kanbawza Bank, First Private Bank and
Myanma Oriental Bank are the leading ones. They now have a total
of about 350 branches in operation throughout the country,
according to the latest figures released by the country's Bankers'
Association.
   Meanwhile, deposits at the 20 private banks in Myanmar have
come to 331,316.83 million Kyats (about 946.61 million U.S.
dollars) as of March 2001, up 135,181.53 million Kyats (about 386.
23 million dollars) from a year ago.
   The figures also show that total loans extended by the 20
private banks to private entrepreneurs reached 109,298.71 million
Kyats (312.28 million dollars) as of March 2000, up 50.91 percent
from April 1999 when it registered 72,425.3 million Kyats ( 206.92
million dollars).
   All the private banks give 10 percent annual interest for
deposits, 15 percent for the loans and 0.05 percent for the
remittances fixed by the Central Bank of Myanmar.
   Private banks as well as foreign bank branches were allowed in
the 1950s after Myanmar's independence until they were
nationalized in 1964 in accordance with the then economic policy
adopted by the then government.
   So far, there are also five state-owned banks including the
Central Bank of Myanmar, Myanma Economic Bank, Myanma Foreign
Trade Bank, Myanma Investment and Commercial Bank and Myanma
Agricultural and Rural Development Bank.  Enditem