7 private banks open special counters at 48 branches for gold dealers to use banking system

Seven private banks have opened special counters at their 48 branches so that gold dealers can use the banking system in buying and selling gold, the Central Bank of Myanmar has announced.

The CBM quoted its notification (No.43/2021) dated November 3, 2021 as saying that anyone who buys or sell goods shall use the banking system for any payment of more than 20 million kyats.

In accord with this notification, gold dealers need to use the banking system. As such, seven private banks have opened special counters at their 48 branches in Yangon Region, Mandalay Region and Mon State (Mawlamyine) to provide banking services for the convenience of gold dealers.

Kanbawza Bank, Co-operative Bank (CB Bank), Ayeyarwady Bank, Myanmar Oriental Bank, UAB Bank, Yoma Bank and Ayeyarwaddy Farmers Development Bank Limited are now providing their banking services at their designated branches.

The branches of Kanbawza Bank are Lanmadaw Branch-1, Pazundaung Branch, Thingangyun Branch-1, Shwebontha Branch-1, Kyauktada Branch, Bahosi Branch, Strand Road Branch, Shwedagon Pagoda Road Branch and Sule Pagoda Road Branch in Yangon Region; Mandalay Branches-1 to 4, Mingalar Market Branch, Pyigyitagon Branch, Mandalay 80th Street Branch, Mandalay 26th Street Branch and Manawhari Branch-2 in Mandalay Region; and Mawlamyine Branch-1 in Mon State.

The branches of CB Bank are Pabedan, Shwebonthar, Sule Pagoda Road and Kamayut (Judson Tower) branches; 78th Street and 26th Street Seiktaramahi branches in Mandalay Region and Mawlamyine branch in Mon State.

The Ayeyarwady Bank branches are YGN-25 and YGN-83 in Yangon Region; MDY-22 in Mandalay Region; and Mawlamyaing-1 in Mon State.

The branches of Myanmar Oriental Bank are Shwebontha and Shwedagon Pagoda Road branches in Yangon Region; Mandalay Branches-1, 3, 5 & 9 in Mandalay Region; and Mawlamyine branch in Mon State.

The branches of UAB are Kyauktada (Pansodan Street Branch), Pansodan Branch and Latha (Shwedagon Pagoda Road) Branch in Yangon; Hsaidan Branch in Mandalay Region; and Mawlamyine (Strand Road) Branch in Mon State.

The Yoma Bank branches are Kyauktada and FMI branches in Yangon Region; Main Branch (Mandalay) and 78th Street Branch in Mandalay Region; and Mawlamyine Branch in Mon State.

The branches of Ayeyarwaddy Farmers Development Bank Limited are Shwebontha Branch and Junction City Branch in Yangon Region; 32nd Street Branch in Mandalay Region; and Mawlamyine Branch in Mon State.