Myanmar is in the early stages of financial reforms which the government has made an economic priority. At present Myanmar’s financial system remains one of the least developed in the world. Myanmar remains a cash-oriented economy. A history of high inflation, bank runs, and insider lending has fuelled public distrust of the banking and financial services industry. Even now, government owned banks still have more than U.S. $7 billion of foreign reserves on deposit with overseas banks. It is estimated that less than 10% of Myanmar citizens have a bank account and that less 0.1% of the public are active in the credit market. A large informal banking system in Myanmar still exists. Remittance companies – licensed and unlicensed – remain popular as is the black market for foreign exchange.