Yangon | At dawn, many people lined up outside their bank branch in Yangon in hopes of being able to withdraw their savings, as a strict limit on withdrawals was imposed, fueling rumors of a shortage of cash. money after the coup in Burma.
Myawaddy Bank, controlled by the Burmese army again in power since 1er February after having dismissed the civilian head of government Aung San Suu Kyi, is the subject of a boycott threat by the Burmese.
In the massive protests of the past few days, appeals have been made to bank employees asking them to stop work.
In fact, most banks, including private ones, have been closed for many days, their employees having joined the civil disobedience movement. A situation which becomes tense as payday approaches in Burma this Friday.
Only a few branches of public banks remain open in Yangon, allowing money to be withdrawn but in a very limited way.
Because of this uncertainty, Tun Naing, a 43-year-old businessman, queues in front of Myawaddy Bank every day. “Because of the rumors about this bank, I came to withdraw my money,” about $ 4,500, he told AFP.
– “High political risk” –
The sixth largest bank in the country, Myawaddy only allows 200 clients per branch to make withdrawals limited to 500,000 kyat per day, or about $ 370.
Getting a spot early in the morning is crucial, “some people stay in nearby hotels to line up early for tokens,” Tun Naing says.
Others are not so lucky.
Myint Myint, a 64-year-old retired professor, has been in line every day for a week but still hasn’t been able to make a withdrawal.
“I’m really fed up,” he told AFP. “They should advertise through (state media) that our money is safe … Although my savings are not huge, I am worried about the rumors.”
However, a notice published in the official publication “New Light of Myanmar” affirms that daily services are still provided by banks. “The population is invited to participate in this process to ensure the economic stability of the country”, reads the opinion issued by the Central Bank.
The Burmese economy was already facing headwinds linked to the coronavirus and containment measures before the coup.
Now generals face sanctions from the United States, Britain, Canada and the European Union, and the economy as a whole is also at risk of declining foreign investment, reluctant to work with the dictatorship. .
The rating agency Fitch quickly revised downwards the growth estimates for 2021 from 5.6% to 2%, citing “high political risks”.
A potential hiatus on foreign currency inflows has sounded the alarm for the NGO Justice for Myanmar, which says the generals could start drawing on the reserves of the Burmese central bank, worth 6.7 billion euros. dollars.
So far, US sanctions have included a $ 1 billion asset freeze.
“If foreign banks continue to do business with these military-controlled banks, they will be complicit in the military regime,” Justice for Myanmar says.
“I already have enough difficulties like that”
On the ground, concerns are more immediate: will companies be able to pay their employees at the end of the month, will the elderly be able to collect their pensions?
The protests do not appear to be weakening with tens of thousands of people taking to the streets every day.
Aye Aye, 85, is hesitant to withdraw her pension at this time until the situation calms down.
“I’ll go get him next month,” she told AFP, even though she would need the money to live. “I already have enough difficulties like that. As I am old, I only worry about today ”.
On Tuesday in front of a Myawaddy Bank branch, a security guard tried to calm a small crowd alone, demanding to withdraw their savings.
He explained to them that companies had priority to withdraw money in order to be able to pay their employees.
“We will resume cash withdrawals once these companies” have made their withdrawals, he announced at the doors of the bank, preventing customers from entering.