Four years ago, Euromoney stood in a branch of KBZ Bank in the Yangon suburb of Kamayut. All around us was cash – bales of it, piles of it, spilling out of rice sacks. Behind the teller desks there were three times as many cash-counting machines as there were computers.
Our guide told us that, since there was no concept of mortgages, people would routinely buy houses with cash; sometimes it would take a truck to carry the notes.
That day, a senior managing director told us: in a few years, it won’t be like this.
The person best equipped to tell us if he was right is Nang Kham Noung, also known by her western name Marlene.
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