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)

Tesla with 'no one' driving crashes, killing two

A Tesla electric car that "no one" appeared to be driving crashed late Saturday in Texas, erupting into flames and killing the two passengers, according to local authorities.

19 Apr 2021

Huawei steps up smart car business

HONG KONG: Chinese telecoms equipment giant Huawei Technologies unveiled its Huawei HI intelligent automotive solution on Sunday.

19 Apr 2021

Schools still set to reopen May 17

All primary and secondary schools are still scheduled to reopen on May 17, but this could change if the coronavirus spike is not reined in, Education Minister Treenuch Thienthong said on Monday.

19 Apr 2021