Economics Report - Economic Reforms Change Burmese Banks

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From	He	I'm	Southeast	Special	Tiger	and	banks	business
could	do	economy	foreign	he	hondis	hopes	in	is	mismanagement
once	only	over	pushed	says	the	years

VOA Learning English, this is the Economics Report in English. Burma's financial industry has suffered from years of under military rule. But more recently, the government has through economic reforms. Those measures are changing the nation's and reenergizing businesses. There are even hopes that Burma become one of Asia's fastest growing economies: an Asian . Burma had the one of the best-performing economies in Asia before the military seized power in 1962. Many of state control over the economy followed. Widespread corruption international sanctions left it one of the poorest countries the area. Economist Sean Turnell says turning around the will require strong measures against corruption. That is why says political change is important to economic reform. He restrictive measures make it harder for Burmese to do internationally. The restrictions on foreign monetary exchange do not hurt big business. They hurt small businesses, too. Here an example. Nyi Nyi owns a workshop in Rangoon. and his family manufacture toys for buyers from all the world. His toy business is international, but Burma's are not. Nyi Nyi still depends on middlemen, called ", ," to process foreign money transactions. Foreign visitors to Burma used black market money changers, and hondis are still main method for international monetary transfers. But the government this unsupervised, cash-based economy is ending. It plans to this with new ATMs, or Automated Teller Machines, and exchange licenses for private banks. For VOA Learning English, Carolyn Presutti. (Adapted from a radio program broadcast 21Dec2012)

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