Only One Bank Services in Mrauk Oo Bring Negative Impacts on Money Operation

Thein Zaw (Mgdaw), 29 June 2019  

Global Treasure Bank becomes the only serviceable bank for the local people of money operation in Mrauk Oo and the shutdown of internet impacts significantly on the daily money operation, the local people said.

Since the local business sectors rely on internet and mobile phone operators in terms of money withdrawing and transferring, the local people have now the only choice to go to the only Global Treasure Bank of Mrauk Oo while Wave Money and True Money services are no longer available due to the network ban by the Union Government last week.

U Zaw Tun, a high school teacher of Mrauk Oo said, “There are three main challenges. The first one is not operation of the KBZ bank. So, people just go to the GTB bank. Then, internet shutdown means all the money operation services of such as Wave money and True Money have to be unavailable. Thus, every one goes to GTB bank which is the only bank operation here.”

Besides, many local people are casual workers and the impacts of clashes and instability of the region brings series of challenges for business recovery and money operations especially, many migrant workers who employing in abroad find proper difficulty in money transferring to their families. 

A local businessman said that it takes for ages to withdraw and transfer money in the GTB bank as the bank is crowded with the entire customers from the region.

He added that “ some customers cannot wait and go back home. They have to wait a long queue. Yet, the bank has just a handful of staff resource which is not enough to provide the service.”

It has been learned that the operation of KBZ Bank has been unavailable since March 15, when the bank was hit bullets form Tatmadaw (Myanmar Army) opened firing in the down town at night. Since then, the CCTV installation from the KBZ bank has also been seen and the bank is still being close.