“Underground banking” and Myanmar’s changing hundi system

Author:Rhys Thompson
Position:Independent Researcher and Consultant, Yangon, Myanmar

Purpose The purpose of this paper is to examine Myanmar’s “hundi” system, an informal value transfer system used widely by local Myanmar citizens and offshore migrant workers to remit money domestically and internationally. Due to historically stringent banking and foreign exchange controls and a lack of domestic and internationally linked financial services, the system grew to become the ... (see full summary)

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