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MYANMAR – After a large number of customers visited the private banks in large cities including Yangon and Mandalay to withdraw cash on Friday (November 17), it is said that banks set a withdrawal limit of two million MMK.
“Previously, they restricted withdrawal for ordinary account holders and forces us to open special accounts but now even special accounts have a withdrawal limit of two million. It’s the same at all banks,” said a local resident.
Meanwhile, it is said that a withdrawal limit of 20 million is set for company bank accounts.
Moreover, the CB bank branch at Bogalay Market in Yangon Downtown reportedly stopped all withdrawal services due to a high influx of customers.
Similarly, KBZ bank branches in downtown also gave out various reasons such as the cash delivery van didn’t arrive or that cash withdrawal can only done at the branch where the account is opened, to refuse cash withdrawal services.
According to the banking community, the junta council’s central bank had instructed to limit all cash withdrawal saying that there could be an influx of withdrawals.
After news came out that bank employees in battle stricken regions such as Sagaing Division, Kachin, Rakhine and northern Shan States were dismissed after being paid two months worth of salary, people crowded at private banks to withdraw their savings. In addition, it is said that the junta council is seizing and moving cash from the banks in Rakhine State.