Myanmar’s central bank is limiting the amount of money people can withdraw from banks and automated teller machines (ATMs) as the country’s military staged a coup that sparked protests in the streets.
Under an order signed by Than Than Swe, vice president of the central bank, people can withdraw no more than 2 million kyats ($1,406) from their bank accounts and businesses can withdraw up to 20 million kyats per week, starting on January.
The amount that people can withdraw from ATMs is capped at 500,000 kyats per day, down from the previous 1 million kyats.
According to a letter issued by the Central Bank of Myanmar on January 1, the move is intended to “facilitate the transition to a digital economy” by reducing the amount of cash used by government agencies and the general public, and “banks to prioritize electronic payments and electronic transfers to improve cash management at banks and non-bank financial institutions “.
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