The Central Bank of Myanmar (CBM) fully guarantees that money deposited by the public will not be lost and other branches of a bank will conduct verifications upon submission of evidence for money lost in recent attacks on some banks, according to Deputy Governor Dr Lin Aung.
As CBM keeps a close watch based on possible risks, it can fully guarantee that there will be no loss of public deposits and CBM as well as other banks have a sufficient amount of cash using a Core Banking System that connects among branches to provide services, he added.
If a branch of any bank has to cease services for various reasons, it will not result in a situation where the public cannot withdraw their money. Customers can still withdraw money at any branch of the bank nationwide based on the type of their deposits.
For money deposited with full trust in the banks, it will still be recorded in detail with a specific number and specific owner’s name under any circumstances at any time. In addition, customers are entitled to enjoy CBM’s accountability and its comprehensive protection, it is learnt.
Moreover, CBM has also arranged for the banks to reimburse money lost by the customers in recent attacks on some banks upon submission of evidence for public deposits made in those banks.
Account verification can be handled at any branch for such withdrawals, as all banks have the account data of affected customers.
If it is a new account (Special Account), the same amount of cash deposited can be withdrawn from the same bank where it was deposited. As the amount of cash in stock varies according to the size of a bank’s vault, if there are many customers wishing to withdraw, it would be advisable to notify the bank in advance of the amount required for convenient withdrawals.
Currently, people are widely using digital payment methods like electronic cards, mobile pay, internet banking and mobile wallets with day-to-day progress and those systems can also be utilized more everywhere like cash usage.
In controlling the monetary system, ATMs that are safe and accessible to the public are also supplied with cash for withdrawals of small expenses up to a specified amount in line with the rules and regulations of international standards. In addition, people are free to carry out money transactions as well as account transfers from one bank to another by digital method, local card system or CBM Net System without any restrictions.
Having more than enough money in circulation outside the banks can encourage the tricks of speculators on property prices, gold and exchange rates leading to a high inflation rate. It may also invite a situation where a certain percentage of the commission has to be given illegally to withdraw one’s own money. — ASH/ZN
