Myanmar Military Junta Threatens Private Banks on Strike

Myanmar’s Military Junta is increasing its pressure actions against private financial institutions due to the cash shortage problems that branch closures are causing.

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Since the coup occurred on February 1, the absence of banking activities is preventing the payment of payrolls and the completion of international transactions.

Given that customers have been withdrawing their savings from banks, the Central Bank stated that citizens will only be able to withdraw USD354 per day through ATMs and USD1,417 per week at bank branches.

Private bank employees have reported that the dictatorship has detained some managers and directors in retaliation for the closures sponsored by the civil disobedience movement.

The Military Junta has also detained employees of several businesses that did not open on Wednesday due to a "silence strike" against the Junta, including workers from City Mart supermarkets and the Orange chain of stores.

In an attempt to contain the macroeconomic crisis that financial inactivity could generate, the regime has also threatened to nationalize the private banks if they do not resume operations.

Despite the threats and arrests, the Kanbawza Group of Companies (KBZ), which is the country's largest private bank, is keeping all its offices closed, including over thirty branches in Rangoon.

So far, the military dictatorship has killed 286 citizens and detained 2,900 people, according to the Assistance Association for Political Prisoners (AAPP).