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Sunday, May 5, 2024

Myanmar’s military coup creates banking woes

People in Myanmar have been queueing anxiously at banks after the coup as a strict new limit on daily withdrawals fuelled rumours of a money shortage.

YANGON: Early bird customers of a military-owned bank queued anxiously as dawn light crept over Rangoon, after a strict new limit on daily cash withdrawals fuelled rumours of a money shortage in post-coup Myanmar.

Myawaddy Bank is among scores of military-controlled businesses in Myanmar facing boycott pressures since the generals ousted civilian leader Aung San Suu Kyi from power on February 1.

Nationwide protests have called for employees — including bank workers — to skip work, seizing up a banking sector heavily dominated by the military and its cronies ahead of the monthly payday this Friday.

For those in need of cash, it does not help that no clear…

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