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7 private banks provide services with special counters for gold transactions

According to the Central Bank of Myanmar’s statement, seven private banks are providing banking services by opening special counters at their designated branches in Yangon and Mandalay regions and Mon State (Mawlamyine) to facilitate gold transactions with the banking payment system.

Kanbawza Bank (KBZ Bank), Co-operative Bank (CB Bank) PCL, Ayeyawady (AYA) Bank, Myanmar Apex Bank (MAB), UAB Bank, Yoma Bank, Ayeyawady Farmers Development Bank (A Bank) are providing banking services with 48 branches.

They are nine branches of KBZ Bank each in Yangon and Mandalay regions and one in Mawlamyine city; three of CB Bank PCL in Yangon, two in Mandalay and one in Mawlamyine; two of AYA Bank in Yangon and one each in Mandalay and Mawlamyine; two of MAB in Yangon, four in Mandalay and one in Mawlamyine; 3 of UAB Bank in Yangon and one each in Mandalay and Mawlamyine; one of Yoma Bank each in Yangon, Mandalay and Mawlamyine; two of A Bank in Yangon and one each in Mandalay and Mawlamyine respectively.

According to CBM’s directive (43/2021) dated 1 November 2021, lump sum payments worth more than K20 million for buying or selling assets have to be processed with the banking system. 

Source: The Global New Light of Myanmar

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