YANGON, May 4 (Xinhua) -- Myanmar banking authorities have denied that one of the country's private banks faces bankruptcy as the bank failed to issue cash money to depositors.
Rumors spread on Wednesday on social media about the bank's alleged bankruptcy.
"The Central Bank of Myanmar (CBM) is always ready to issue cash unlimitedly when a bank encounters difficulties of not having sufficient cash flow," the bank's director-general U Win Thaw told Xinhua in an interview Thursday.
The private bank's failure to issue money belongs to rumor, he said, urging people not to worry about it.
He clarified that the delay of some money transfer services due to temporary failure of internet lines prompted the circulation of such rumors.
U Win Thaw assured that the CBM will intervene to supervise cash flow if a private bank faces bankruptcy.
There are 24 private banks in Myanmar and the CBM usually checks whether the banks have enough cash reserve for daily or monthly financial services.
