Mawlamyine, April (3)

The Military Council’s Central Bank issued a statement on April 1 that 100 lakh per week will be allowed to be withdrawn from individual bank accounts if there is valid proof of health and religious matters.

The military council has eased restrictions on banking services due to the decline in public trust in banks, payment of percentage upon the amount withdrawn and the proliferation of counterfeit banknotes.

The statement also said that the Central Bank will allow unrestricted cash withdrawals for industrial zone factories and Ks 100,000 per week for the purchase of raw materials.

A real estate agent said that the Central Bank has eased restrictions on cash withdrawals, but they are facing a currency devaluation problem.

The military council has instructed the bank to scrutinize documents for disbursements of salaries, allowances and pensions of government departments, and businesses and allow them to withdraw the required amount.

It also includes allowing cash withdrawals of up to Ks 100,000,000 per week for each sector, for expenditures of States and Regions’ government departments and budget-based regional development projects.

Businesses have welcomed the central bank’s easing of restrictions, but they say, in practice, arrangements need to be made to make cash withdrawals easier.

News – Than Lwin Times

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