Myanmar denies banknotes demonetization rumours

The Central Bank of Myanmar on Wednesday announced that the citizens can continue the use of the notes and banking services without worries as the directive has been given to the banks to operate banking services as usual amid the military coup.

Yangon:Myanmar's State Administration Council has announced that the citizens can continue the use of 5,000 and 10,000 kyat notes while denying rumours of demonetization of banknotes.

In a statement on Wednesday, the Council said that rumours and fake news were spread in social media about the demonetization of 5,000 and 10,000 kyat notes published by the state officially, reports Xinhua news agency.

The Central Bank of Myanmar emphasized stabilizing the monetary system regarding the rumours.

On Monday, the military seized control of Myanmar after it detained government leaders and other senior officials of the ruling National League for Democracy (NLD), including State Counsellor Aung San Suu Kyi and President U Win Myint.

The President's Office later declared the one-year state of emergency and the state power was handed over to the Commander-in-Chief of Defence Services.

The coup was staged over the disputed results of the November 2020 parliamentary polls in which the NLD won an overwhelming majority.

The military said the results were fraudulent.

IANS

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