Banks close in Myanmar after coup

Banks close in Myanmar after coup

People line up outside a bank branch in Yangon on Monday. (Reuters photo)
People line up outside a bank branch in Yangon on Monday. (Reuters photo)

YANGON: All Myanmar banks were closed nationwide on Monday following a military coup, declaration of a state of emergency and the detention of de facto civilian leader Aung San Suu Kyi.

"All member banks of Myanmar Banks Association are to close their bank unanimously starting from February 1," according to an announcement by the association, which said it was due to a poor internet connection.

The banks would seek permission from the Central Bank of Myanmar for the temporary closure and inform it when they planned to restart services, the statement said.

National League for Democracy Party leader leader Suu Kyi and other senior figures from the National League for Democracy Party have been detained in an early morning raid before the Myanmar army declared a state of emergency.

Siam Commercial Bank Myanmar has been officially inaugurated, the only Thai bank allowed to operate a wholly-owned subsidiary in Myanmar.


Do you like the content of this article?
COMMENT (6)

NACC seeks to overturn Suthep graft acquittal

The National Anti-Corruption Commission (NACC) will appeal a court ruling acquitting former protest leader Suthep Thaugsuban of corruption in projects to construct police stations and living quarters while he was deputy prime minister more than a decade ago.

08:28

SAT warns NBTC: Dialogue or court

The Sports Authority of Thailand (SAT) has challenged the National Broadcasting and Telecommunications Commission (NBTC) to seek a court ruling to settle a dispute over the funding of the rights to broadcast Fifa World Cup 2022 final matches.

08:20

Stray elephant 'recovering from injuries'

A two-month-old elephant calf is still under medical care after forest officials found it in a forest in Kanchanaburi at the end of last month, according to the Wildlife Conservation Office.

08:14