Local entrepreneurs and businesses are calling for a stable banking environment, both in the short and longer term, in which to continue doing business.

A growing number of businesses reported that they are running short of cash with banks closed, and many employees say they only withdrew enough cash to last a week at most during payday. 

“Some factories are also facing trouble delivering orders on time. These are small issues that could have a larger impact on the business over the longer term. Customers may not complain now, but they will later,” one businessman said.

Others voiced concern over sanctions imposed by the US on the military. Even though the sanctions are targeted at military-run businesses and cronies, they said the circulation of cash in the country will face an impact as many state-owned banks provide funding to private banks.

For the past week, most banks in the country have been unable to open for business as bank employees leave their desks to participate in a nationwide protest against the military. 

Those that have reopened are running smaller operations. “Yesterday, state-owned Myawady Bank reopened with security guards. But they closed again as there were many people who withdrew money. Today they allowed only 60 people to withdraw cash,” said Ma Mya Mya, who withdrew money from Myawady Bank. 

The Myanmar Times understands that some state-owned bank branches have a K1 million per person withdrawal limit for a maximum of 60 people a day, while headquarters allows withdrawals for up to 200 people. Many local private banks remain closed.

There are a total of 27 private banks and 17 foreign banks branches currently in  Myanmar. - Translated