Temporary bank closures present cash withdrawal, business woes

By DMG 12 Feb 2021

DMG Newsroom
12 February 2021, Sittwe

Banks are temporarily closed following the Tatmadaw’s seizure of power in Myanmar, presenting Arakan State residents with troubles because they cannot withdraw money from their accounts.

Ayeyarwady Bank in Sittwe, the Arakan State capital, has been closed since February 8 at the instruction of senior bank officers, said a bank official.

“The bank has been closed since the day the protests started in Yangon. I do not know why the bank is closed. We do not know when we can resume services,” he said.

An employee of Global Treasure Bank in Mrauk-U town said the bank’s head office instructed to temporarily close the bank from February 10 due to the recent political situation.

“The banks here are closed since people in Yangon and other towns are waging protest. So, it is not convenient to transfer money here. The bank might be closed according to the situation,” the bank staffer said.

U Oo Phoe Tin, a Sittwe resident, said residents are facing difficulty to do their business because they cannot transfer or withdraw money.

“We have to take out or transfer once every two days. We haven’t been able to withdraw money since Monday. We came and checked if the banks are operating, but we cannot. We businesspeople are facing difficulties to move money in business,” he said.