Public Notification: CBM assures public amidst bank operation suspensions

The Central Bank of Myanmar (CBM) issued a public notification on Saturday, stating that certain bank branches in some towns had temporarily suspended operations due to unforeseen circumstances. There are rising concerns among the public, fueled by social media instigation, which resulted in a mass withdrawal of deposited cash from banks.

The current banking system in Myanmar operates using the Core Banking System. In the event of a branch suspension, the public is reassured that they will not lose their deposited cash. Access to banking services is available at any branch nationwide, and alternative methods such as mobile banking, internet banking, payment cards, and account transfers remain functional.

All banks are operating within the regulatory framework supervised by the CBM. The public is advised against keeping excessive cash due to potential losses and the increased risk of monitoring by authorities when large cash withdrawals occur.

Additionally, concerns about high commodity prices attributed to inflation are highlighted. The CBM ensures an adequate cash supply in banks, with preparations underway to dispatch cash to respective branches.

The notification concludes by urging the public not to engage in over-withdrawals, emphasizing trust in the banking system and encouraging the continued use of banking services as usual.