On July 1st, after the military council announced that 7 private banks and bank owners would be punished for lending more housing loans than the central bank had set, people have been hoarding money in banks as expected. Most of the private banks in Yangon have no depositors at all, and only the borrowers are crowding in.Only 1,000,000 kyats to 2,000,000 kyats are disbursed to a bank account per week. Even special bank accounts that say you can withdraw as much money as you like, only withdraw 20,000,000 per day. It’s the same as every bank. Also, ATMs are limited. For example, you can’t withdraw AYA ATM bank card from Yoma ATM cash machine.
Currently, there are almost no depositors in all private banks and only a large number of people withdrawing money, so the banks are having a hard time. In addition, private banks are also restricting money transfers through registration, and even if mandatory transfers are made, the maximum transfer amount is 300,000 Kyats. The situation is getting worse day by day.
