Myanmar's Military Bank Customers Withdrew Their Money In Opposition To The Coup

Customers queue to withdraw money at the Myawaddy Bank belonging to the Myanmar military. (Twitter / @ JessieY97426996)

JAKARTA - Hundreds of people stormed the bank owned by Myawaddy, the Myanmar military that located in Yangon to make massive withdrawals as a form of boycotting military businesses, as well as opposing the February 1 coup.

Being overwhelmed, the bank decided to only provide half-day services on Monday. Meanwhile, for today, the bank at the Yangon Bank branch of Myawaddy has placed restrictions on only serving 200 customers. Withdrawals are also limited to a maximum of 5 million kyats or USD 3.550 per person.

Myawaddy Bank, one of two banks operated by Myanmar's military, opened in the commercial capital, Yangon, on Monday. But after its branches experienced a large number of customers withdrawing their money, they closed around noon, citing the COVID-19 risk.

"We open the bank today (Monday), but it closes around 11 a.m. because many people are taking money from their accounts. We will open tomorrow", an official of Bank Myawaddy based at the bank's head office in Yangon told The Irrawaddy.

The Myanmar military has been deploying security at the branches of the Central Bank of Myanmar as well as the state-owned Myanmar Economic Bank (MEB) since Monday. They reportedly took money from the bank. MEB employees, who play an important role in arranging payroll and pensions for active and retired civil servants, have also joined the rallies.

Over the weekend, there have been calls on social media urging private banks to join the nationwide boycott and suspend their operations from Monday, amid rumors that people will withdraw all their money from any bank that remains open.

The Yangon Regional Administrative Council is reportedly planning to provide security for banks and help them maintain their operations, but many banking staff joined the protests on Monday, forcing private banks to close. Private bank branches remained closed on Tuesday, except for ATM services.

Yangon, Warten St, MyaWaddy Bank declares that they open to give out 100 tokens at 8:30 am and 1 token will allow to withdraw 50 lakhs. Shut it down now MyaWaddy Bank. Join the CDM. Shame on You. MILITARY INHUMAN #WhatsHappeningInMyamar #Feb16Coup pic.twitter.com/o9rxJzOnS5

- U San @Ko Chit (@sanaungchit) February 16, 2021