Fri, December 03, 2021


[Myanmar] Banks could not reopen despite Central Bank instruction

Although the Central Bank of Myanmar has instructed all banks to reopen on March 8, those in some regions could not have opened. 

Private banks in Yangon Region such as KBZ, CB and AYA as well as the military-owned Myawady Bank did not reopen on March 8. 

Moreover, private banks in Mandalay city and Nay Pyi Taw did not open either. 

The ongoing civil disobedience movement (CDM) in opposition to the military takeover is also being joined by bank employees. 

The Central Bank announced on March 5 that the banks were to reopen as of March 8 and asked for reports about the number of bank branches to open and progress in daily transactions. 

It sent emails to the banks saying that they were to send names of their branches to re-operate in major cities and provide banking services for border trade and personal details of those in charge so as to normalize commodity flow and prevent delays in local and foreign trade. The Central Bank pointed out difficulties with banking services as the banks could not reopen to full capacity. 

In its instruction, the Central Bank quoted the resolution of the meeting (3/2021) of the State Administration Council as saying that it was to urge re-operation of banks, provide security for private banks and take action against failure to reopen.  

Published : March 10, 2021

By : Eleven Media/ANN