It is becoming more difficult for people to withdraw money in Myanmar local banks

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Banking in Burma will return to normal. The military council says it is working to solve the problem of difficult withdrawals, but in reality the public is finding it increasingly difficult to withdraw from bank deposits.

Win Thaw, vice chairman of the Central Bank under the Military Council, told some local media last August that work was underway to ease restrictions on cash withdrawals from ATMs and banks in September.

Gen. Zaw Min Tun, head of the military council’s press team, said at a recent press conference that the military council was working to address these issues by December.

After the military coup, the public lost trust in the banks and tried to withdraw their money from the bank accounts, leading to a shortage of cash in the banks and the inability to disburse bank users for months.

Despite repeated promises from the military council, the public is still unable to withdraw cash from ATMs. Apply for online booking and get a token to withdraw cash. You only have to withdraw your bank deposit with phone booking systems.

System error due to many people wanting to withdraw money. Bank users say they often experience poor internet connections and difficult access to withdrawals.

“ATMs have not been issued for a long time. If you want to withdraw money, you have to book online. Due to the large number of subscribers, it is not possible to get a second late to book. I often did not get it. Phone booking is not easy to get. Phones can not be called. Do not be discouraged. If you do not enter and handle it, It takes a lot of time, ”said a bank user.

Banks have not announced when they will be able to access the online booking service for cash withdrawals, making it difficult for cashiers to book through the app. Even non-tech people find it difficult to access cash services.

“There is no official release date,” he said. It is very difficult for users to get up when they want to. Waiting for the right thing to do is a waste of time. And if it was issued by Kpay agent, it used to be 300,000, but now it is only 200,000.

I have to pay 2,000 service fee. Even so, owning one is still beyond the reach of the average person. “I can’t even ask someone in the family to take me out because I am tired,” said a KBZ bank user.

These public deposits are difficult to withdraw from banks and are not yet fully withdrawn, so most people still have to pay a percentage and withdraw money outside. Currently, the market is trading between 5% and 6% as a percentage.

One month after the coup, the military council’s central bank began restricting bank withdrawals. Cash withdrawals from ATMs can be as high as 500,000 per day per person. If you want to withdraw money from a bank account, it is limited to a maximum of 20 lakhs per person per week. Companies and organizations are limited to a maximum of 20 million kyats per week.

The Central Military Commission has instructed banks to allow withdrawals beyond the limit for Covid-related expenses.

Most local banks are currently shutting down ATM services and allowing a maximum of 300,000 to 500,000 kyats per week per withdrawal per individual bank account.

A central bank official said the bank was planning to issue more than the limit, but so far the public was still having difficulty withdrawing money.