Plans underway to withdraw money from some banks seized by armed groups: CBM
Lin Aung, vice-governor of the Central Bank of Myanmar (CBM), said that plans were underway to withdraw money from some branches of banks which were seized by armed groups in some townships across the nation, and if the customers want to take out their cash, they must show strong evidence.
The CBM vice-governor answered the queries raised by the media at the press conference held at the Central Bank of Myanmar in Nay Pyi Taw on November 19.
He also said that some branches of banks had to stop banking services due to an unanticipated situation, anti-government media, terrorist groups and their supporters disseminated this information on social media, pressuring people to take out more cash than they needed out of fear that they may lose it or experience a situation where they are unable to withdraw cash from the banks.
Myanmar's banking system uses the Core Banking System, which provides interbank services, so if the service of a branch of a bank is stopped for some reason, people can still withdraw money at any branch of the bank nationwide.
In addition, they can also use services like mobile banking, internet banking, and payment by bank cards as well as payments through account transfer methods. Under the supervision of the Central Bank of Myanmar, banks continue to provide services as per the terms and conditions.
People following rumours and withdrawing more money than they need from banks can be dangerous and may lose their money, while circulating more money than needed outside of banks may lead to more inflation and higher commodity prices. People withdrawing more money than required from banks may likely be monitored by officials for suspicious circumstances such as their intention and the purposes they used their money.
In the current situation, there is enough cash in the banks, and the Central Bank of Myanmar is ready to provide cash to various banks, so the public should not withdraw more money than they need, and use banking services with confidence as usual, according to the CBM.
Asia News Network