Since the coup regular withdrawals from ATMs and private banks have become very complicated and time-consuming because of endless queues for cash.
The cash crisis has spawned the emergence of monetary service shops, which provide cash for a service fee of from three to 10 percent.
A business person from Mawlamyine Township said: “Although this is an illegal service, we have no other option if we need cash. We have to pay Ks-900,000 when we withdraw Ks-10 million. Service charges vary based on the location. It is better than waiting in front of banks for many hours.”
Due to various bank rules resulting from the economic and financial crisis, people cannot readily withdraw money from their accounts.
As a result, they have to withdraw money at a reduced rate by paying the designated percentage to service providers.
A member of staff from Wave Money shop said: “Wave money and K Pay allow the remittance of Ks-100,000 limit a day. People have to pay a service charge of at least five percent. Most of the people remit around Ks 100,000 as the circulation of money doesn’t operate properly. It is difficult to withdraw money if the amount is more than Ks 100,000.”
At a press conference, U Win Thaw, the deputy governor of the Central Bank of Myanmar said “the CBM guaranteed that the people would not lose their money deposited at the banks. There is no reason for the collapse of banks. The central bank has to limit the withdrawal of money as some people are trying to destroy the banking industry.”
Banking and monetary services are dismayed by the internet ban and the impact of the Civil Disobedience Movement (CDM) after the military coup. The people are withdrawing their money from banks using various means.
