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MYANMAR – The private banks in Myanmar are said to have issued only up to 500,000 kyats each to the withdrawers. Depending on the bank, some only issued up to 200,000 kyats. People have to use percentage exchange system to get cash.
The junta council has declared that the banks are serving the public’s financial needs, but on July 11, there are many people who would like to withdraw money from the private banks. However, the withdrawers said that they did not receive the amount they wanted to withdraw, and only received up to 500,000 kyats.
“I was queueing at Kanbawza Bank (KBZ) at San Chaung branch from the morning until past 2 p.m. I only got 200,000 kyats. There were a lot of people,” said a person who withdrew money.
Similarly, people are facing difficulty to withdraw money in most of the private banks including Ayeyarwady Bank, and UAB Bank. Some banks do not issue as much as people want, but allow to withdraw up to 1,000,000 kyats.
At present, the percentage exchange market is starting again, and people have to pay from 2% to 4% extra, depending on the amount of money they want and whether getting it in cash.