Irrawaddy-Mar 1

The Central Bank of Myanmar (CBM) has lowered its limits on cash withdrawals from ATMs and bank accounts after a military-owned bank suspended operations last week as it faced a run on deposits. Claiming the move is aimed at encouraging digital payments, the CBM’s directive states that starting Monday, individuals can withdraw a maximum of 500,000 kyats (about US$354) from ATMs per day. Until Feb. 28, ATM users were allowed to withdraw up to 1 million kyats per day. Individuals can withdraw a maximum 2 million kyats per week from their bank accounts. For companies and organizations, the limit is 20 million kyats per week, the CBM said.Private banks’ services have been limited to ATMs and online banking since early February, as their employees have stopped working to join the Civil Disobedience Movement (CDM) against the military regime.

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