Poverty still rampant in Myanmar, says UN report

MyanmarSome 95 per cent of adults in Myanmar live on under $10 a day, with 10 per cent preferring to save money in gold or cash, according to a recent survey.

The Making Access Possible survey was based on a sample of 5,100 people from all over the country, including interviews done last year.

“Financial services are at a very low level in Myanmar and this is impacting the country’s ability to harness the capital available for national development. Significant effort is required to move the country towards more formal financial services,” said Henri Dommel, Director Inclusive Finance at United Nations Capital Development Fund (UNCDF).

Due to a cash-based culture, the cost of starting a business in Myanmar is high. Numerous banking firms, obstacles to get loans, and burdensome rules and regulation, all encourage informal money-lending.

The survey aims at encouraging the government, investors and international donors to focus on spreading micro-finance services to areas around the country. It says that Myanmar’s current monetary services do not match the country’s needs.

“If there is well-functioning financial system, citizens can save and this would help the country’s development,” the survey advised.



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Some 95 per cent of adults in Myanmar live on under $10 a day, with 10 per cent preferring to save money in gold or cash, according to a recent survey. The Making Access Possible survey was based on a sample of 5,100 people from all over the country, including interviews done last year. "Financial services are at a very low level in Myanmar and this is impacting the country's ability to harness the capital available for national development. Significant effort is required to move the country towards more formal financial services," said Henri Dommel, Director Inclusive Finance at United...

MyanmarSome 95 per cent of adults in Myanmar live on under $10 a day, with 10 per cent preferring to save money in gold or cash, according to a recent survey.

The Making Access Possible survey was based on a sample of 5,100 people from all over the country, including interviews done last year.

“Financial services are at a very low level in Myanmar and this is impacting the country’s ability to harness the capital available for national development. Significant effort is required to move the country towards more formal financial services,” said Henri Dommel, Director Inclusive Finance at United Nations Capital Development Fund (UNCDF).

Due to a cash-based culture, the cost of starting a business in Myanmar is high. Numerous banking firms, obstacles to get loans, and burdensome rules and regulation, all encourage informal money-lending.

The survey aims at encouraging the government, investors and international donors to focus on spreading micro-finance services to areas around the country. It says that Myanmar’s current monetary services do not match the country’s needs.

“If there is well-functioning financial system, citizens can save and this would help the country’s development,” the survey advised.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00