Pajau Media Channel
7th July, 2024
According to bank employees, the SAC (State Administration Council) has stopped allowing withdrawals and transfers of 100,000,000 kyats per person at banks since July.
A bank official stated, "The SAC has set limits on the amount of money that can be withdrawn or transferred. They don’t allow individuals to withdraw or transfer 100,000,000 kyats per person. We have been instructed to report any transactions of this amount."
Additionally, the SAC has been checking and closing the bank accounts of individuals who attempt to withdraw 100,000,000 kyats.
"If people withdraw more than the set amount, the SAC investigates the person's profile, bank account, business, and background," the bank employee added.
Businesspeople who rely on banking services are facing difficulties due to these restrictions.
A rice merchant commented, "Since we trade and sell rice, we need to transfer large sums of money at the bank. But with the SAC's restrictions on transfers and withdrawals, it is difficult for us to do business."
It is also speculated that the SAC restricted financial transactions out of concern that people might support the PDF (People Defense Forces).
News - Kachin Pyi Thar
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