ATM lines start early, usually before dawn. People bring chairs or plastic chairs, or mattresses to sit on. When the sun rises, they cover themselves with umbrellas or hug each other in the shade and wait.
Myanmar is short of money. From the military knocked down Aung San Suu Kyi government in February and thousands of people have resigned, banks have invested, and mass mobilization gathers at the branch every day.
The largest bank in the country still does not provide enough money for banks to meet their needs, according to bankers, foreign observers and traders. Many spoke to the Financial Times anonymously for fear of offending the government which has arrested more than 5,400 people since the government did so, according to the human rights group Assistance Association for Political Prisoners.
The inflation rate is one of the most obvious signs that Myanmar’s economy and banks, as they are resuming their operations after the strike, followed by a coup d’état.
“We do not trust the military because they do not show any confidence in us,” said Nicky, 19, a writer and volunteer at a hospital in Yangon who asked not to be named. “That’s why we have to repay our money.”
In recent days, Nicky has been withdrawing money from a family account at KBZ, Myanmar’s largest bank, with the bank reducing from $ 200,000 a day in Myanmar ($ 120) a day.
One indication of the seriousness of the problem is the growth of the same currency market, with one person signing a bank transfer or checking paper notes issued per second at a lower price: for example, 9,000 kyats per 10,000 kyats per share.
“People realize that even if you give them money, it’s impossible to get out,” one banker told FT. “That’s why the money in the bank is so cheap.”
KBZ declined the request. However, Myanmar’s largest bank wrote that most of its branches have “reopened and are working to help the people of Myanmar. Many workers have returned to work to ensure that people are helped by their financial needs.”
Banks, like other private businesses, have been choosing their words with caution since the government began to avoid the outrage of the junta or anti-junta camp, which has organized abstinence Businesses controlled by the military, or non-military that seem to be pulling the junta line.
Myanmar banks have set limits on ATM prices © Sai Aung / AFP through Getty Images
Lack of banknotes seems to be one of the reasons why money is wasted. Giesecke & Devrient, a German company that supplies materials and materials to Myanmar state printers to make kyat money, stopped at the end of March. The company said the suspension was in line with “the ongoing conflict between the military and civilians”.
The shortage of bank employees and the lack of confidence in the government’s ability to manage the economy are also seen as contributing factors.
Departure walk dry the bank a few weeks after the coup. Bank officials and government officials, including the Central Bank of Myanmar, went on strike, demanding the closure of several branches.
Since April many banks have reopened, along with other industries and businesses. Business vehicles in the city of Yangon have begun, which some believe is a sign of economic recovery.
However, strong currencies remain strong. Banks have imposed stricter limits on repaying ATMs and imposing banners to restrict the number of customers engaging in disputes.
The central bank does not have a savings account, according to bankers and professionals, but it does not provide enough banks to meet their needs. “There is money flowing, but not so much,” the western Yangon ambassador said.
Many in Myanmar have been selling gold and gold for kyats, both of which have been staggering since the re-establishment of the government.
While the decline in funding has not caused any problems, researchers said that the crisis in the banking and banking system has led to the creation of smaller banks at risk, which is detrimental to the sector which has been struggling with unsecured debt.
“Myanmar’s banks have been in crisis since the introduction of the new rules in 2016 and the temporary collapse of the housing market,” said historian and author Thant Myint-U.
“Since the overthrow of the government, banking problems have been exacerbated by strikes in February and March, savings in the home, the failure or willingness of the central bank to provide the necessary funds and collapse.”
In a statement published in the official newspaper of the Global New Light of Myanmar, Min Aung Hlaing, the country’s president, acknowledged that the money had been spent. He also said the government wanted to “expose those who have more money”.
Myanmar’s unity government, made up of Aung San Suu Kyi’s supporters, says the law is unique. “The people of Myanmar do not believe that this law can improve the country’s economy,” he said. Tin Tun WalkingThe Minister of Finance in parallel management, he said.
“We cannot blame them for wanting to ensure that their hard-earned money will not run out.”
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