Monetary Stability: ‘Don’t Believe in Rumours and Fake News’: CBM

Central Bank of Myanmar (CBM) issued a press release on the 3rd of February, stressing that 5,000 kyats and 10,000 kyats currency notes will be withdrawn from circulation and closure of the banks are rumours and fake news. It also states that people are requested not to feel concern about the financial and banking services and to continue to use in trust as some people raised concern and made cash withdraw at the banks.

Director General, Financial Institutions Supervision Department, CBM, Than Than Swe said “It’s said that 5,000 kyats and 10,000 kyats currency notes will be withdrawn from circulation and banks will be closed – it’s not true … just rumours and fake news. I’d like to stress ‘Don’t believe in rumours and fake news’. I’d also like to urge the people not to feel concern about the financial and banking services and also the money they’ve saved in banks.”

The Central Bank of Myanmar is paying emphasis on stability of financial system and so also, the banks are giving services firmly in line with regulations. Banks have also been instructed to operate banking services as usual, the Central Bank of Myanmar said.