Independent Mon News Agency (IMNA)

Burma’s two main banks are totally closed down

December 9, 2003

The military regime, SPDC, closed down two main banks in the country: May Flower Bank and Asia Wealth Bank, totally without limited dates, said the source of Mon business communities.

The illegal currency exchange business community from the capital of Mon State, Moulmein, confirmed that the military government close the banks for the purpose of money laundry and now the authorities are investigating those who have over 30 million Kyat in bank account in these banks.

The businessmen from the currency exchange community in Three Pagoda Pass border area face serious difficulties in money transfer after the two banks were totally banned.

After closing down these two banks in the capital of Mon State, Moulmein, it effects seriously for the people who want to withdraw and transfer their money.

The closure order of these two banks came on December 5 and all local banks have been gradually closed. The order said the government is preparing to do money laundry.

The government will also check all businesses, which save the money over 30 million Kyat, and so that some businesses have planned to buy gold wares instead of doing business. Hence, the gold price grows up in the country.

The source also said that if the government involves in money laundry in unstable situation, they can abolish Kyat 1000.00 bank note, and so the business community and vendors do not accept that bank note.

The US government also declared these two banks were operating with drug money recently.