24 June 2024
The Central Bank of Myanmar replied that if it exceeds 20,000,000 Kyats, it will have to be transferred through the online system without the right to withdraw cash from the Special Account and informed the managers of the banks yesterday about the matter.
In response to the media’s inquiry to the SAC press release team regarding the difficulties in withdrawing more than 20,000,00 kyats even from special accounts, the Central Bank of Myanmar said, “For more than 20,000,000 kyats, it has already been instructed to transfer online.The news came out because the bank managers make a misunderstanding. Just yesterday, managers from relevant big banks have been summoned and explained.
After the political conflicts in 2021, local banks had difficulty withdrawing cash, and even their own money deposited in the bank had to be withdrawn by paying between 5% and 10%.
For this reason, banks opened special accounts separately, and instead of the previously added cash, additional cash was added to these accounts, and the cash was re-issued according to the amount added.
However, no matter how much cash is added to the Special Account, cash withdrawals are currently only allowed up to 20,000,000 Kyats, and if it exceeds 20,000,000 Kyats, it can only be transferred through the Mobile Banking (online) system.
