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Myanmar Crisis

Myanmar junta targets banks in push against 'foreign interference'

Sector also threatened with forced transfer of accounts to military-linked entities

People sit outside a closed bank in Yangon on March 8: Myanmar's military rulers have threatened to seize deposits from commercial banks that stay closed under pressure from protesters.   © EPA/Jiji

YANGON/BANGKOK -- Myanmar's military government is increasing pressure on private banks to reopen by threatening the forced transfer of private deposit accounts to military-controlled banks, a move that would hasten a reversal of the liberalization begun under former President Thein Sein a decade ago.

In a separate order issued through the Central Bank of Myanmar on March 12 the junta has ordered commercial banks to divulge details of accounts and money transfers dating back to 2016 of domestic and international nongovernmental organizations operating in Myanmar.

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