The Military Coup In Myanmar Has Created Banking Woes

 

 

Image Credit – Times Of India

 

The early bird customers of a bank owned by the military anxiously queued up as the light of dawn crept over Yangon. This is after new stricter limits on the daily cash withdrawals have fueled rumors on money-shortages in Myanmar after the coup.

There are scores of military-owned businesses in Myanmar and Myawaddy Bank is one of them. They have faced the pressures of a boycott since the civilian leader, Aung San Suu Kyi, was ousted by the generals from power on February 1.

The nationwide protest has erupted and has called for the employees that included the bank workers to skip their work and they have seized the banking sector that is heavily dominated by the military and also its cronies ahead of the monthly payday that happened this Friday.

People need cash and things are not helped as no clear information is released regarding this.

Yangon is a commercial hub, and mostly the private banks remain closed here and government banks are partly open and it appears to be a touch-and-go affair while getting cash from the ATMs.

The worries of cash shortages have been fuelled by this uncertainty according to Tun Naing, who is a 43-year-old businessman who has queued up daily in the last few weeks and has withdrawn six million Myanmar kyat that comes down to about $4500 from his bank account in Myawaddy.

He has told news outlets that because of all these rumors about the bank, he has come to withdraw money.

This domestic bank is the sixth biggest in Myanmar as Myawaddy has only allowed 200 customers per branch and made the withdrawals limited to only 500,000 kyat per day that comes to about $370.

Getting a spot in the morning holds the key as Tun Naing has said that some people have stayed at the nearby hotels as they queue up early for the tokens.

Therefore, the others are not so lucky.

MyintMyint is a retired teacher and they have been queueing up each day in every week but they are not able to make the withdrawals.

The 64-year-old added that he is fed up with the entire thing.

He further added that they must announce through state-run media that the money is okay and is in safe hands. He also added that he does not have much of a saving but he is worried about the rumors.

Across Yangon, there have been irregular opening schedules for banks and a notice has come in a state-run newspaper New Light of Myanmar that has claimed that the daily services are still provided.

According to a notice from the Central Bank, people have requested to take part in the process and have ensured the economic stability of the country.

There have been a high risk of cash shortages in the country and the timeframe is quite unpredictable according to a business expert called HtweHtwe Thein from the Curtin University in Australia.



      

Rafael Schneider

Rafael Schneider : Reporter I am Rafael Schneider and I focus on breaking news stories and ensuring we (“World Front News”) offer timely reporting on some of the most recent stories released through market wires about Sector companies. I have formerly spent over 6 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full-time basis for specializing in quicker moving active shares with a short-term view on investment opportunities, and also covers the latest news, and trends. Address:  3817 Daylene Drive Pontiac, MI 48342 Phone:  (+1)- 734-577-2738 Email:  [email protected]