Junta forces transfer money from Maungdaw branch of Myanma Economic Bank to Sittwe via military vessel

Naung Min Thu, Narinjara News, 9 May 2024

As the Arakha Army (AA) fighters have approached Maungdaw of Rakhine State on western Myanmar border, the junta forces have transferred money from the Maungdaw branch of Myanma Economic Bank to Sittwe using a landing craft, said the bank employees.

Initially the bank kept the money in the treasury of the 2nd border guard police battalion. But when the battalion faced drone attacks, it was shifted to the 5th border guard police battalion at the entrance of Maungdaw. Later it was transported via a landing craft from Kanyin Chaung jetty on 6 May. Next day, family members of the battalion and bank staff were also shifted to Sittwe.

A bank employee, who requested anonymity, revealed that the shifted amount would be Kyats 1,462,477,000.

The initiative was taken following the closure of banks. Now the depositors are facing difficulties in  withdrawing their money.

"As the bank is closed, I can't withdraw my  money, which I deposited in Kanbawza bank. The withdrawals from Kpay incur high fees up to 12 percent. The money, deposited in Myanma Economic Bank, remains inaccessible due to its closure. Now I can not get the  money even in an  emergency situation,” said a resident.

He also apprehended that the closure of Myanma Economic Bank’s Maungdaw branch will create difficulties for the employees in particular and the local residents in general.