More than Ks200 billion deposited in banks last week: Central Bank Vice Governor

Central Bank Vice Governor seen at a press conference on May 15

Published 16 May 2021

Pyae Phyo Aung

Central Bank of Myanmar Vice Governor Win Thaw said that within the past week, more than two hundred billion kyats were deposited in banks.

He answered the question posed by the media at the press conference of the State Administration Council, held at the Ministry of Information in Nay Pyi Taw on 15th May .

Win Thaw said that "In the past week the amount of cash newly deposited was more than 200 billion kyats. Within a week 200 billion was deposited. It was a clear message that there was participation with the bank. Along with that message there was participation of people's trust. He further said that on their side with the temporary breakdown of the internet they were able to make use of mobile data. Due to that there was no need to go to the bank without necessity."

In addition, when Digital Banking Application can be used trustfully the percentage of queuing to draw cash will be reduced. When people deposit cash once again with trust restrictions would be lessened, said Win Thaw.

Win Thaw further said, " There were 26 private banks in our country. The population of our country remained the same. The banks, the people and the economy remain as it was. These people could draw cash as usual. They could draw cash as much as they wanted, and they could deposit as much as they wanted. There wouldn't be more than four, five or six people at the ATMs. Due to that situation when those that wish to draw cash and those that queue up to thwart the trust of the banks combine together we have a situation and it necessitates us to put forward certain restrictions. There are some who queue up holding 10 ATM cards. This goes to show that this person is not honest".

He also said that at the moment with the use of Mobile Finance Service Applications cash could be drawn if necessary from agents, and that the drawing of cash from banks associated with the agents was not restricted, and that the amount wished to be drawn was delivered.

Further, he said that there were some defects in banks, and that due to the dishonesty of some banks and staff blame was put on the Central Bank and State administrators. He said that so far no action had been taken on the list of dishonest persons taking percentage on the amount drawn, and that there was need of understanding and to work together.