Banks In Burma Nationalised

Press, Volume CII, Issue 30065, 25 February 1963, Page 11

Banks In Burma Nationalised

(SJtJ^-A.-Reuter—Copyright) RANGOON, February 24. State-appointed officials took over -the private, foreign and Burmese banks yesterday under the Burmese Revolutionary Government’s Bank Nationalisation Ordinanoe.

Press reports prior to the nationalisation action said that Chinese and Indian businessmen were withdrawing their deposits from such banks aS the Bank'of Chins and the Bank of Communications, owned by People’s Republic of China, and Indian banks. A Government statement said , capital originally brought into Burma by foreign banks would be repaid in the original foreign currency within three months. Foreign banks were also to be paid within the same time the cost of buildings -nd fixed assets less amount of their debts. Shareholders of the Burmese banks would be reimbursed the value of their shares within three months.

At* a meeting of former employees of the nationalised foreign and Burmese banks today. State officials explained the reasons for the nationalisation, assured employees below the rank of general manager and manager of their tenure of employment and told them that normal transactions of deposits and withdrawals at the nationalised banks would .continue when toe banks opened tomorrow.

State officials refuted rumours that only 10 per eent. of the deposits in the banks would be allowed to be withdrawn.

Burmese troops and police posted to nationalised banks yesterday were still on guard at dosed entrances.