All Private Banks in Myanmar are forced to open on 8 March
By Joseph Kung Za Hmung
Yangon, Myanmar (GNJ): The central bank of Myanmar (CBM) sent a letter dated on 5 March to all private banks to reopen their banks from 8 March 2021.
In CBM letter, it was mentioned that according to the meeting decision of (3/2021), State Administration Council decided to mobilize reopening private banks, to provide security to big private banks and to punish banks which do not reopen. Additionally, CBM highlighted that it found local situations in some cities are good enough for banks for reopening.
Around 120 of more than 1,000 employees at the Yangon branch of the Central Bank of Myanmar are on strike as part of the Civil Disobedience Movement, one of the workers there has said on 23 February.
The work stoppage there and at other offices around the country, along with strikes and private and state-owned banks, have helped bring the financial sector to a standstill.
“We want the government we voted for and we don’t want to accept this unlawful junta,” said the worker, who asked to remain anonymous.
“If we fail this time, I will never work as a civil servant again,” said the employee.
More than 50 are on strike at the Bank’s Mandalay office, which has around 200 employees, workers said. The Naypitaw headquarters, which has over 1,000 employees, is operating with only 89% of its staff, according to Win Thaw, who was appointed as a deputy governor of the Bank by the new military regime. There are a total of 2,525 employees working at the Bank’s offices across all three cities.
Founded in 1948 as the Union Bank of Burma, the Central Bank of Myanmar (CBM) acts as the country’s central monetary authority. CBM works to ensure price stability in the financial system. The central bank also supervises financial institutions and state-owned and private banks in Myanmar.
According to CBM website, there are a total of (30) of local banks ((27) local private banks, (3) public banks) and 13 foreign branched banks in Myanmar.
(This news is written by Joseph Kung Za Hmung, Chief-Editor of Gloria News Journal).
