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Interest on daily withdrawal of cash by Kpay growing despite KBZ ATMs reopening

The interest on the daily withdrawal of cash by Kpay is growing despite the cash availability in the KBZ ATMs. KBZ Bank has announced that K300,000 per week can be withdrawn from the ATMs of 50 KBZ branches in Yangon, Mandalay, Nay Pyi Taw, and Taunggyi from 9 June.
“K300,000 can be withdrawn from the announced ATMs. You can withdraw again from the bank book after you have withdrawn from the ATM. It is possible that some ATMs do not have cash because the staff have not put the money there,” said a KBZ bank staff.
A source close to the banking sector mentioned that the banks could not issue the required amount of money because the banks were issuing fixed amounts in line with the central bank’s directives.
Due to COVID-19 and politics, people have to wait for a long time to withdraw their deposits from the bank. They had to queue at the bank in order to withdraw a limited amount of money, as well as pay a huge percentage to the cash agent to get in cash.
Cash agents charge K3,000 for K100,000 cash withdrawal from Kpay, whereas it is free to withdraw K300,000 per week from the designated KBZ ATMs where the deposit from MPU Debit (ATM card) can be withdrawn, and the withdrawal process can be done also by MBanking Cardless Withdrawal. Local banks in Myanmar are providing cash from the deposit in the bank book, and the KBZ bank is the first bank which resumes cash withdrawal service from ATMs. — TWA/GNLM

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