Sun, September 26, 2021

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[Myanmar] CBM denies the rumours of abolishing bank notes and the closure of banks


The rumours of Ks10,000 and Ks5,000 bank notes would be revoked and the banks would be closed, are not true and banks have been instructed to provide regular banking services, according to Central Bank of Myanmar (CBM).

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The rumours of abolishing Ks5,000 and Ks10,000 and the closure of the banks are came out and some people are worried about the rumors and withdrew their money, announced the CBM on August 13.

The public can continue to use money with confidence without worrying about money and banking operations, and the banks have been instructed to provide regular banking services, it said.

"The closure of three banks is just a rumour. It is trying to disrupt the stability of the country's economy and the banks' ability to operate in accordance with the rules and regulations, and is adding to the plight of the people, who are suffering from epidemics, deaths and distress. At present, the central bank does not take any action or try to close any banks,” said Win Thaw, Vice Governor of the CBM.

The CBM is focusing on stabilizing the financial system. Banks are providing services in accordance with the regulations, the statement said.

The Ministry of Information has announced banks, offices and schools will be closed from August 16 to 22 to curb the spread of the COVID-19 virus.

According to the Transferable Contracts Act, all banks will be closed from August 16 to 20, 2021, as these are public holidays, according to the CBM.

"Banks have not been included in the ongoing government holidays. All offices are closed except for the CBM and banks that the required medicines and medical equipment can be imported easily and people can do what they need to do in the wake of the economic downturn while suffering from the effects of the COVID-19. It's been three weeks now. As a result, the spread of the disease has been steadily declining. However, as the central bank and banks did not close, their staffs are infected. For this reason, the banks will be closed on public holidays this time. The reason not close the banks, is not to interrupt the commodity flow and to make it easy to import necessary items. Now, the government has allowed banks, including the central bank, to close for this week,” he said.

Published : August 14, 2021

By : THE NATION