Naung Min Thu, Narinjara News, 9 May 2024

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

Initially the bank kept the money in the treasury ofthe 2nd border guard police battalion. But when the battalion faced droneattacks, it was shifted to the 5th border guard police battalion at theentrance of Maungdaw. Later it was transported via a landing craft from KanyinChaung jetty on 6 May. Next day, family members of the battalion and bank staffwere also shifted to Sittwe.

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

The initiative was taken following the closure ofbanks. Now the depositors are facing difficulties in  withdrawing theirmoney.

"As the bank is closed, I can't withdraw my money, which I deposited in Kanbawza bank. The withdrawals from Kpayincur 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 evenin an  emergency situation,” said a resident.

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