Customers Struggle to Access Cash as Myanmar Banks Cap Withdrawals

Private banks in Myanmar have been restricting daily cash withdrawals for nearly two weeks in line with a Central Bank of Myanmar (CBM) order aimed at regulating speculation on dollars and gold, seriously inconveniencing the public.

The withdrawal limits were imposed to regulate speculation on the greenback and the precious metal, CBM chair Daw Than Than Swe said during a meeting with business owners and traders at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) office in Yangon on February 5.

Limits vary from bank to bank, but top out at 5 million kyats a day (officially US$2,380, but about $1,253 at market rates), according to a Yangon resident.