The Central Bank of Myanmar (CBM) has recently issued new limits on the amount of cash which can be withdrawn from accounts.
In a letter issued by the CBM of 1 March 2021 it has limited the withdrawal of cash from ATMs to MMK500,000 per day. Also imposed are a weekly limit of MMK2 million withdrawals from personal accounts and a weekly limit of MMK20 million for companies.
On 3 March 2021 the CBM imposed further limits on withdrawals made through mobile money service providers to MMK300,000 per withdrawal and a weekly cap of MMK2 million.
These limits are only applicable to the withdrawal of cash and do not affect transactions between accounts. These new limits have been described as temporary and exceptions can be made for the payment of wages.
Given the current disruption to the banking system in Myanmar most bank branches are currently shut, it has become difficult to make any inbound or outbound international transfers and the transfer of funds between accounts held at different banks is challenging.
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