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July 05, 2020

Build trust with your own fate

IT is very common in Myanmar for rumours of impending bank collapses to send people scrambling en masse to withdraw all of their deposited money. Sometimes, the Central Bank of Myanmar has to issue statements to keep the situation under control. The dilemma nonetheless usually goes on for some time. The Myanmar banking sector witnessed such a situation only a few days ago.
Such mass withdrawals of cash from banks stoke great concern not only among the general public but among businesspeople too. Banking operations and business activities are hindered and people are worried whenever bank-collapse rumours spread. Sometimes, such incidents can even lead to chaos in markets.
However, it is very easy to find the key to the question. The problem is that people lack trust in their fates. It cannot be said that they lack trust in banks, as they have already entrusted them with their money for some time.
Despite guarantees from the highest financial authority in the country, they cannot trust their own fates and withdraw their money from banks whenever the rumours come. The Myanmar people need to build trust between themselves and their own fates.


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