Rumours on Demonetization: State Administration Council Issues Announcement

The State Administration Council of the Republic of the Union of Myanmar issued announcement on the rumours on the demonetization of 5,000 kyats and 10,000 kyats banknotes on 3rd February.

It stated that the rumours circulated that 5,000 kyats and 10,000 kyats banknotes issued by the state will be demonetized, it is learnt.

Regarding the matter, the Central Bank of Myanmar has already issued an announcement dated on 3rd February, saying the Central Bank of Myanmar has been working hard to stabilize the financial system. All the banks have been providing proper services in accordance with the rules and regulations, so the general public can continue using the banknotes and banking services without any worries, and all the banks have been instructed to provide regular banking services. So, the rumours are baseless.

In accord with Section 36 (e) of the Constitution (2008) of the Republic of the Union of Myanmar, “the Union shall not demonetize the currency legally in circulation”. The general public are informed that they can continue using 5,000 kyats and 10,000 kyats banknotes without any worries and without trusting the rumours.