The Central Bank of Myanmar (CBM) has officially dispelled rumors regarding the issuance of new currency notes Ks 20,000 in March. 

These rumors, which have been circulating on social media and websites, are not true. The CBM clarifies that if any issuance were to take place, prior announcements would be made.

The recent spread of fake news about the new Ks 20,000 banknotes has led to chaos in the financial market. People, driven by greed, have been buying and collecting vehicles and dollars, resulting in rising vehicle prices and a surge in dollar prices.

However, the CBM emphasizes that this news is merely a rumor and not based on factual information.

The release of the new banknotes is intended to commemorate the completion of the Maravijaya Buddha Image construction and celebrate the first birthday of the white elephant. As part of the replacement process, approximately three 20,000-kyat banknotes will be available per person.

Furthermore, the CBM reminds residents of their obligations under the foreign exchange management law. According to section 10 of the CBM’s foreign exchange management law and article 15 of the Foreign Exchange Management Regulations, residents are allowed to hold foreign currency up to US$10,000 (or its equivalent) obtained through legal means within a six-month period. Strict compliance with this regulation is required.

Effective measures will be taken against those who hold foreign currencies and engage in gambling activities without adhering to the law. The central bank emphasizes that the ongoing situation is merely a rumor and urges the public to stay informed through official announcements.