04/10/2026
Should the Number of Private Banks in Myanmar Be Reduced?
CNI News
4 October 2026
Following a proposal submitted to parliament advocating for a reduction in the number of private banks in Myanmar to consolidate them into stronger, larger financial institutions, business owners and the public have begun questioning whether the number of private banks should indeed be reduced.
The proposal clarified that it does not call for the forced closure of small banks, but rather encourages them to merge and transform into larger ones. It further suggested that if smaller banks fail to merge within a specified timeframe, the government should take the lead in facilitating these mergers.
The sponsor of the proposal pointed out that while Singapore's GDP reaches around $600 billion, it operates with only 5 major banks, and Thailand—with a GDP of nearly $600 billion—has only 14 banks. In contrast, Myanmar’s GDP stands at approximately $70 billion, yet it has over 30 banks, highlighting the need to prioritize financial stability and strength over sheer quantity.
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(Hluttaw)
Photo: Banks in Myanmar
