@.dr.intobesa.2: The Staff Recruitment Commission has announced that the Arakan Army (AA) is preparing to restart the banking system in Rakhine State, which had ground to a halt due to the fighting, and is currently recruiting personnel. The Arakan People's Revolutionary Government (APRG) is recruiting 3 township managers, 3 assistant township managers, and 20 marketing staff for three townships in order to open and operate an independent banking system. An official under the AA stated, "We are going to open banks on the ground. That is why we are recruiting people. The upper leadership has been planning to open banks for quite some time now. Bank names have also been considered. They just haven't been announced yet." However, detailed information regarding the exact format under which the AA will open the bank and how the monetary systems will operate has not yet been disclosed. Another source close to the AA said, "Initially, they will set up base branches in three townships. I heard that sub-branches will be placed in other townships. Exactly what funds will be used to run the operations is not yet precisely known." It is reported that following intense clashes between the two sides in Rakhine State and the subsequent capture of most towns by the AA, all banks were shut down, leaving local residents entirely reliant on systems like KBZ Pay, Wave Money, and Mobile Banking to circulate money. A merchant from Kyauktaw Township said, "We have to rely solely on agents for money transfers and cash withdrawals. Right now, cash withdrawal fees have risen drastically. Cash also has to be smuggled in from the mainland. Now that a bank is going to appear like this, I think it will be much more convenient." Currently, those transferring and withdrawing money within Rakhine State are transporting cash from cities including Yangon through smuggling routes to provide cash withdrawals. During this past June, some KBZ Pay accounts of money transfer and withdrawal agents in Rakhine State were closed down, resulting in losses amounting to thousands of lakhs of kyats. As a consequence of this, locals state that the current cash withdrawal fee in Rakhine for 100,000 kyats has reached between 5,000 and 6,000 kyats. The AA also began selling the Arakan Lottery, known as "Laung Paw," this past June at 1,000 kyats per ticket, and held its very first lottery draw on July 1. The AA, which completely controls and occupies 14 townships within Rakhine State and Paletwa Township in Chin State, has formed the Arakan People's Revolutionary Government in those townships, running administrative machineries and also delivering public service operations. News also emerged this past May that the Ta'ang National Liberation Army (TNLA) had issued licenses to operate banking businesses within their controlled territories. It is understood that the said bank is named "The Mountain Bank" and branches will be opened in Namhkam, Namtu, and Namhsan townships in northern Shan State. Following the announcement that "The Mountain Bank" would be opened, the Central Bank of the military junta issued a statement dated May 19, 2026, advising against any contact or transactions, on the grounds that official operating licenses have not been issued to any organizations, including Digital Banks. The military junta's Central Bank stated that only banks and non-bank financial institutions that have been issued official licenses and registration certificates by the Central Bank have the legal right to operate, and that organizations, including Digital Banks, advertising on social media without being included in that list have not been granted official licenses. Furthermore, while warning the public not to engage in transactions with such organizations, it stated that under Section 158 of the Financial Institutions Law, no one shall establish or operate a bank without a license, and if the prohibition is violated, action will be taken under Section 171.

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Friday 03 July 2026 01:40:56 GMT