|
2003 Myanmar Banking Crisis
The 2003 banking crisis of Myanmar was a major bank run in private banking that hit Myanmar (Burma) in February 2003. It started with a decline in the trust for private financial institutions following the collapse of small financial enterprises and proliferating rumors about the liquidity of major private banks. Leading to a bank run on the Asia Wealth Bank, the crisis quickly spread to all major private banks in the country.Zaw Oo. "Throwing Good Money After Bad: Banking Crisis in Burma". Burma Fund Policy Brief 3. Washington, D.C.: The Burma Fund, 2003. It led to severe liquidity problems for private banks and scarcity of the kyat. Though exact data is not available, it is believed that the crisis caused major economic hardship for many in Myanmar. Background Myanmar's banking system had been in a process of transition in the period leading up to the crisis. From the 1962 overthrow of the government by General Ne Win until 1990, state institutions dominated the financial sect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Run
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
September 11 Attacks
The September 11 attacks, commonly known as 9/11, were four coordinated suicide terrorist attacks carried out by al-Qaeda against the United States on Tuesday, September 11, 2001. That morning, nineteen terrorists hijacked four commercial airliners scheduled to travel from the Northeastern United States to California. The hijackers crashed the first two planes into the Twin Towers of the World Trade Center in New York City, and the third plane into the Pentagon (the headquarters of the United States military) in Arlington County, Virginia. The fourth plane was intended to hit a federal government building in Washington, D.C., but crashed in a field following a passenger revolt. The attacks killed nearly 3,000 people and instigated the war on terror. The first impact was that of American Airlines Flight 11. It was crashed into the North Tower of the World Trade Center complex in Lower Manhattan at 8:46 a.m. Seventeen minutes later, at 9:03, the World Trade Center� ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2003 In Economics
3 (three) is a number, numeral and digit. It is the natural number following 2 and preceding 4, and is the smallest odd prime number and the only prime preceding a square number. It has religious or cultural significance in many societies. Evolution of the Arabic digit The use of three lines to denote the number 3 occurred in many writing systems, including some (like Roman and Chinese numerals) that are still in use. That was also the original representation of 3 in the Brahmic (Indian) numerical notation, its earliest forms aligned vertically. However, during the Gupta Empire the sign was modified by the addition of a curve on each line. The Nāgarī script rotated the lines clockwise, so they appeared horizontally, and ended each line with a short downward stroke on the right. In cursive script, the three strokes were eventually connected to form a glyph resembling a with an additional stroke at the bottom: ३. The Indian digits spread to the Caliphate in the 9th c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Bank Runs
This is a list of bank runs. A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank might fail. As more people withdraw their deposits, the likelihood of default increases, and this encourages further withdrawals. This can destabilize the bank to the point where it faces bankruptcy. 17th century *In 1656, after several attempts, Johan Palmstruch was given permission by the Crown of Sweden to start a bank, Stockholm Banco. In 1661 it became the first in Europe to give out banknotes. As lending rose rapidly in just a few years, the value of the banknotes began to fall. In 1664 the bank closed operations, unable to give back the customers money. Palmstruch was imprisoned, the Crown took over the bank, and formed what is still today Riksens Ständers Bank, the national bank of Sweden, operated by the parliament. 19th century *In 1866, Overend, Gurney and Company suffered a bank run. It incorporated as a limited liability comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Banking Crises
This is a list of banking crises. A banking crisis is a financial crisis that affects banking activity. Banking crises include bank runs, which affect single banks; banking panics, which affect many banks; and systemic banking crises, in which a country experiences many defaults and financial institutions and corporations face great difficulties repaying contracts. A banking crisis is marked by bank runs that lead to the demise of financial institutions, or by the demise of a financial institution that starts a string of similar demises. Bank runs A bank run occurs when many bank customers withdraw their deposits because they believe the bank might fail. There have been many runs on individual banks throughout history; for example, some of the 2008–2009 bank failures in the United States were associated with bank runs. Banking panics and systemic banking crises 18th century * Crisis of 1763, started in Amsterdam, begun by the collapse of Johann Ernst Gotzkowsky and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economy Of Burma
The economy of Myanmar has a nominal GDP of US$69.26 billion in 2022 and an estimated purchasing power adjusted GDP of $257.34 billion in 2022 according to the International Monetary Fund. For the 2022 estimate, GDP per capita in Myanmar would be $4,060.67 in PPP per capita and $1,409.70 in nominal per capita. History Classical era Historically, Burma was the main trade route between India and China since 100 BC. The Mon Kingdom of lower Burma served as important trading centre in the Bay of Bengal. The majority of the population involved in rice production and other forms of agriculture. Burma used a system based on siliver as a medium of exchange. All land was technically owned by the Burmese monarch. Exports, along with oil wells, gem mining and teak production were controlled by the monarch. Burma was vitally involved in the Indian Ocean trade. Logged teak was a prized export that was used in European shipbuilding, because of its durability, and became the focal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mizzima News
Mizzima News ( my, မဇ္ဈိမသတင်း, Ma.jjhi.ma.) is a Burmese multimedia news organisation. It was established in August 1998 by a group of Burmese journalists in exile in New Delhi. The International Press Institute International Press Institute (IPI) is a global organisation dedicated to the promotion and protection of press freedom and the improvement of journalism practices. The institution was founded by 34 editors from 15 countries at Columbia Universit ... awarded Mizzima News its Free Media Pioneer award in 2007. Organisation Mizzima Media Co. Ltd. is a registered Myanmar company. It produces a daily digital Mizzima newspaper in Burmese language, a weekly Mizzima business magazine, weekly television programs – aired by Myanma Radio & Television (MRTV) – and websites in both the Burmese and English language. Additionally, Mizzima media products are also available on various digital platforms such as Android and iPhones. References External links * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1000kyatof
1 (one, unit, unity) is a number representing a single or the only entity. 1 is also a numerical digit and represents a single unit of counting or measurement. For example, a line segment of ''unit length'' is a line segment of length 1. In conventions of sign where zero is considered neither positive nor negative, 1 is the first and smallest positive integer. It is also sometimes considered the first of the infinite sequence of natural numbers, followed by 2, although by other definitions 1 is the second natural number, following 0. The fundamental mathematical property of 1 is to be a multiplicative identity, meaning that any number multiplied by 1 equals the same number. Most if not all properties of 1 can be deduced from this. In advanced mathematics, a multiplicative identity is often denoted 1, even if it is not a number. 1 is by convention not considered a prime number; this was not universally accepted until the mid-20th century. Additionally, 1 is the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Khin Nyunt
General Khin Nyunt (; ; born 23 October 1939) is a Burmese military officer and politician. He held the office of Chief of Intelligence and was Prime Minister of Myanmar from 25 August 2003 until 18 October 2004. Early life and education Khin Nyunt was born on 23 October 1939 in Kyauktan Township, near Rangoon (now Yangon). He is of Burmese Chinese descent; his parents are Hakkas with ancestry from Meixian, Meizhou, Guangdong, China. Khin Nyunt graduated from the 25th batch of the Officer's Training School in 1960, after dropping out of Yankin College in the late 1950s. Political career After his career in the military, he was ordered back to Rangoon in 1984 after an attack on a visiting South Korean delegation. Twenty-one people, including three South Korean cabinet ministers, died during the attack, which occurred on 9 October 1983 and was perpetrated by terrorists sent from North Korea. Khin Nyunt was then appointed Chief of Intelligence. From the mid-1980s to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of Myanmar Seal
Central is an adjective usually referring to being in the center of some place or (mathematical) object. Central may also refer to: Directions and generalised locations * Central Africa, a region in the centre of Africa continent, also known as Middle Africa * Central America, a region in the centre of America continent * Central Asia, a region in the centre of Eurasian continent * Central Australia, a region of the Australian continent * Central Belt, an area in the centre of Scotland * Central Europe, a region of the European continent * Central London, the centre of London * Central Region (other) * Central United States, a region of the United States of America Specific locations Countries * Central African Republic, a country in Africa States and provinces * Blue Nile (state) or Central, a state in Sudan * Central Department, Paraguay * Central Province (Kenya) * Central Province (Papua New Guinea) * Central Province (Solomon Islands) * Central Province, Sri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kyemon
''Kyemon'' ( my, ကြေးမုံ; also known as Kyaymon) (''The Mirror'') is a state-owned Burmese language daily newspaper based in Yangon, Myanmar. Along with ''Myanmar Alin'', Kyemon is one of two Burmese language national newspapers in the country. ''Kyemon'' tends to carry more human interest stories whereas ''Myanmar Alin'' is more geared towards publishing government propaganda. History ''Kyemon'' was founded in 1957 in Yangon by journalist U Thaung during Myanmar's brief experiment with parliamentary democracy and free media between 1948 and 1962. The daily was the best selling newspaper at that time, with a circulation of 90,000. After 1962 Burmese coup d'état, seizing power in March 1962, the military government of Gen. Ne Win cracked down on media, and nationalized all the daily newspapers, including Kyemon, in 1964. (U Thaung's open criticism of Gen. Ne Win earned him a prison sentence for him in 1964.) The future poet laureate Soe Nyunt served as editor-in-chie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
