CBM clarifies misinformation on March release of K20,000 note

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The Central Bank of Myanmar (CBM) refuted the printing of K20,000 notes in March, as per its notification dated 26 February.
That false news spreading on social media pages triggered people to buy automobiles and US dollars in large quantities. Subsequently, the news of vehicle and dollar values moving up was also circulating on social media.
CBM has issued new K20,000 notes from 31 July 2023 in return for defaced and damaged notes. The new notes are distributed in a limited number. CBM mentioned in the statement that those unscrupulous individuals deliberately intended to stir chaos in the forex market, sparking concerns.
Under Section 10 and Paragraph 15 of the Foreign Exchange Management Law, domestic residents are allowed to keep US$10,000 in maximum or equivalent amounts of foreign currencies for six months.
Those holding foreign currencies without valid licences and permits will face legal action under the existing law. CBM beefed up its crackdown on illegal forex transactions and combatted the misleading information that those with manipulative behaviour created to deceive people. — NN/EM

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