Queues of people waiting to withdraw money from ATMs of private banks in Myanmar show no signs of decreasing, and a black market has emerged where a required amount of cash is given on commission, according to local sources. 

While there are those still queuing at ATMs for their cash withdrawals, there is also such a market where cash is given on a certain percent commission.  

“Some people no longer want to line up at ATMs because of very long queues. They cannot spend their time. So they take cash from others having cash in hand by giving a certain percent commission,” said a person queuing at an ATM. 

The practice has been used for over a week. Earlier, those needing cash had to pay 5 percent commission, but now it has reached up to 7 percent, a man who himself received cash in such a market. 

“I had no choice. I had to pay 7 percent. Ks7,000 for Ks100,000,” said a person who was to withdraw Ks7 million. 

However, such a black market has attracted criticism among some people. 

"We should pay a certain percentage because we need cash urgently. But it is not convenient at all. There is no compassion,” said a person. 

The Central Bank of Myanmar announced on State TV on April 29 that five private banks had resumed their online banking services via mobile internet. They are AYA Bank, KBZ, Inwa Bank, CB and Ayeyarwaddy Farmers Development Bank.  

The Central Bank said during temporary internet blackouts, it tried its best for financial systems and applications run via the internet to return to normal. 

Online banking services such as mobile banking, internet banking, mobile top-up, other cards top-up, bill payments, visa, master and credit card payments, all ATMs, bank pay, account to account transfer, wallet to wallet, bank to wallet, wallet to bank and CCT functions of CBM net resumed on April 28. 

However ATM queues have shown no signs of decreasing. Some reportedly start their queue at an ATM after 4 am in the early morning. 

“I queued at an ATM to withdraw my money. But I had to return without money because the machine ran out of money before my turn,” said a customer who tried to withdraw cash from the ATM of Inwa Bank in South Dagon Township, Yangon Region. 

Currently, daily announcements are being made about which ATMs can be used.  

The amounts of cash that can be taken out from ATMs of the private banks are different. KBZ allows a customer to withdraw Ks200,000 per day, Yoma Bank Ks300,000 per day, AGD Bank Ks150,000 per day and CB Bank Ks300,000 per day. 

Central Bank vice governor Win Thaw has promised any money deposited at banks will not be lost at any cause during a virtual press conference of the State Administration Council on May 7.  

Authorities have also warned effective action will be taken against those engaging in the black market where cash is given on a certain percent commission.