In recent days, private banks have been unable to provide customers with the required amounts of cash, forcing withdrawals to be limited and inconsistent.
Business owners said poor security conditions along Union Highway No. 8 have prevented banks from transporting cash. As a result, banks are experiencing cash shortages and can only allow limited withdrawals.
“At the moment, we cannot withdraw as much money as we need. We only get what the bank allows. Banks are no longer transferring cash between towns. For example, money from Mawlamyine banks is no longer sent to Ye. Each town can only use the cash deposited locally. If deposits are low, withdrawals are also low. There is no normal system anymore.” said a business owner from Mawlamyine.
He added that in some cases, people with close relationships with bank managers may be allowed to withdraw remaining cash near closing time, but this is not common.
According to business owners, banks currently allow withdrawals of around 2 million kyats per week for regular accounts, while special accounts can withdraw between 5 million and 10 million kyats, usually only once a week.
Because of these restrictions, rubber buying centers have been forced to suspend operations during December, the peak rubber season, as they are unable to pay farmers who bring rubber for sale.
“We cannot withdraw enough money to use as capital. We buy only what we can afford, and sometimes we cannot pay sellers immediately. Farmers are asking us to buy their rubber, but we do not have the money. Some buyers have stopped completely.” said a female rubber buyer.
At the same time, rubber traders are also facing higher transportation costs. The buyer said that checkpoints controlled by the military junta are demanding excessive payments when transport documents are incomplete, making business operations even more difficult.
Due to these problems, business owners are calling on banks to issue clear announcements and handle cash withdrawal issues in a transparent manner.
When contacted, private banks said cash withdrawals are not officially restricted but advised customers to inform branches in advance before making withdrawals.
Although the military junta’s central bank has repeatedly instructed private banks to allow cash withdrawals in line with regulations, business owners say they continue to face frequent restrictions when trying to access their money.
