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10-07-2024, 10:21 PM
Myanmar Summoned to Meeting With Junta as Financial Woes Deepen.
Junta summoned leaders & chairpersons of all private banks in country to its nerve center, Naypyitaw, for a “confidential” meeting today to discuss banking issues, a letter summoning the bankers.The chair of the junta-controlled Central Bank of Myanmar, along with secretary & joint secretary of junta’s governing body, the State Admin Council – Lieutenant General Aung Lin Dwe & Lt-Gen Ye Win Oo, respectively – and the minister for home affairs Lt-Gen Yar Pyae will attend the meeting, according to the letter summoning the bankers. The letter, which was supposed to have been sent in secret, is instead circulating on social media.
The meeting is scheduled for the afternoon of July 10, the vaguely worded letter says. It does not provide a specific agenda for the meeting, saying instead that banking “issues” will be discussed. Two banking sector sources confirmed the meeting to The Irrawaddy.
Earlier this mth, junta announced that executives at 7-private banks, including Yoma, AYA and UAB, face admin action for allowing their banks exceed central bank’s limit on amount for housing loans they can extend. Officials at central bank will be punished as well, for failing to properly supervise the banks, announcement said.
A few days b4 shock announcement, high–profile crony Serge Pun of Yoma Bank was detained. He remains in detention. Other bank owners are reportedly being investigated has been hit by soaring inflation since coup in 2021. Regime’s attempts to cool inflation failed spectacularly.
Late year, junta blamed banks for country’s currency crisis, accusing bankers of disloyalty.
Spokesman Zaw Min Tun has a press conference in Aug 2023: “We have been giving assistance to banking system so it does not collapse. Some banks even get support from the central bank. But some of them are not so loyal.
Since announcement executives at 7-banks face admin penalties & some have been detained or interrogated, & individual & corporate customers of banks say they have faced limits withdrawals from banks. Customer of KBZ bank in Yangon’s Thingangyun Township said: “I went to KBZ today to withdraw 10mil kyats from special account as I need to use it for medical fees, but oni allowed to withdraw just 1.5mil kyats per day.”
Junta summoned leaders & chairpersons of all private banks in country to its nerve center, Naypyitaw, for a “confidential” meeting today to discuss banking issues, a letter summoning the bankers.The chair of the junta-controlled Central Bank of Myanmar, along with secretary & joint secretary of junta’s governing body, the State Admin Council – Lieutenant General Aung Lin Dwe & Lt-Gen Ye Win Oo, respectively – and the minister for home affairs Lt-Gen Yar Pyae will attend the meeting, according to the letter summoning the bankers. The letter, which was supposed to have been sent in secret, is instead circulating on social media.
The meeting is scheduled for the afternoon of July 10, the vaguely worded letter says. It does not provide a specific agenda for the meeting, saying instead that banking “issues” will be discussed. Two banking sector sources confirmed the meeting to The Irrawaddy.
Earlier this mth, junta announced that executives at 7-private banks, including Yoma, AYA and UAB, face admin action for allowing their banks exceed central bank’s limit on amount for housing loans they can extend. Officials at central bank will be punished as well, for failing to properly supervise the banks, announcement said.
A few days b4 shock announcement, high–profile crony Serge Pun of Yoma Bank was detained. He remains in detention. Other bank owners are reportedly being investigated has been hit by soaring inflation since coup in 2021. Regime’s attempts to cool inflation failed spectacularly.
Late year, junta blamed banks for country’s currency crisis, accusing bankers of disloyalty.
Spokesman Zaw Min Tun has a press conference in Aug 2023: “We have been giving assistance to banking system so it does not collapse. Some banks even get support from the central bank. But some of them are not so loyal.
Since announcement executives at 7-banks face admin penalties & some have been detained or interrogated, & individual & corporate customers of banks say they have faced limits withdrawals from banks. Customer of KBZ bank in Yangon’s Thingangyun Township said: “I went to KBZ today to withdraw 10mil kyats from special account as I need to use it for medical fees, but oni allowed to withdraw just 1.5mil kyats per day.”
