Following the action taken by the military council against local private banks, when cash withdrawal limits were imposed at the banks, the value of the Burmese kyat dropped rapidly, reaching 5,000 kyats per US dollar. On July 10th, the Military Council called the private bank owners to Nay Pyi Taw.The recent violations of private banks violate the military council’s economic policies. Therefore, the military council threatened to supervise appropriately. In addition, the arrest of Roma Bank chairman U Thein Wai and directors; As all private banks continue to issue limited amounts of money, there are serious implications for the entire domestic economy, and due to these implications, the value of the dollar is soaring and the value of the Burmese kyat is continuously falling. At present, all private banks are unable to withdraw cash, and can only withdraw 2 to 5 lakh kyats per bank account. The price of gold has exceeded over 6,000,000. If this pattern continues for a month, all the banks may collapse.
