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.


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