Myanmar banking system near collapse

Myanmar’s banking system has nearly collapsed following the Feb. 1 military coup, with the country’s Central Bank and private banks seeing fewer deposits made and more money being taken out in withdrawals, RFA reported.

The Central Bank has also had trouble disbursing enough funds to private banks to cover amounts being withdrawn for account-holders’ daily needs, sources say.

Three months after the military coup, private banks are now limiting the amounts of money allowed for withdrawals at ATMs, with limits set at 200,000 (US $128) to 300,000 kyat per customer per day, while before the coup, about 1 million kyat could be withdrawn each day.