CBM eases cash withdrawal restrictions
The Central Bank of Myanmar (CBM) has issued an order dated April 1, 2022 instructing the banks to allow cash withdrawals for salaries and wages of the factories in industrial zones without limit and a weekly withdrawal of up to Ks100 million for purchase of raw materials and the businesses operating with government budgets as of April 1.
As cash flow management in the banks in Myanmar improves again, the CBM has eased its restrictions on cash withdrawals, the instruction says.
According to the latest instruction, the government departments can withdraw a maximum of Ks100 million weekly for training school expenses, cash rewards, uniform expenses, good service personnel cash awards, honorary title cash awards and religious ceremonies.
The maximum amount of Ks100 million per week withdrawal is also allowed for construction projects and logistic expenses of government departments, expenses of region and state governments, regional and rural development projects run by government budgets and cash assistance (for example, social welfare aid, community-based assistance).
The factories from the industrials zones are allowed to withdraw cash without any limit for the salaries and wages of their workers. Meanwhile, they can withdraw a maximum of Ks100 million per week for purchasing raw materials, the CBM instruction says.
For health and religious purposes, private individuals are allowed to withdraw up to Ks10 million per week if they can show the required documents.
The instruction takes effect since the date of the issuance, the CBM announced.
Previously, the CBM issued an order dated 1-3-2021 restricting cash withdrawals from the banks. The maximum cash withdrawal was set at Ks500,000 per day for ATM/POS, Ks2 million per week from banks accounts for an individual and Ks20 million per week from bank accounts for a company or organization.
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