The news about the cancellation of K10000 and K5000 banknotes spread around in social media is not true, according to an official.

On September 16, a fake order circulating on social media stating that K10000 and K5000 banknotes had been withdrawn from the official currency.

Regarding the spread of fake news, Union Minister for Investment and Foreign Trade U Aung Naing Oo wrote on his social media page, "There are various ways to assassinate the people. Section 36 (e) of the constitution stated that the Union shall not demonetize the currency legally in circulation.”

The rumors of the abolition of K10000 and K5000 banknotes were also spread in mid-August, during which time central bank officials had to explain it.

The Central Bank of Myanmar (CBM) has issued a statement saying that the withdrawal of K10000 and K5000 banknotes and the closure of banks are just rumors and that the government has ordered regular banking services.

"The closure of the three banks is just a rumor. The government is trying to stabilize the country's economy and it is disrupting the banks' ability to operate in accordance with the rules and regulations which caused more trouble for the people suffering from epidemics and deaths. At present, the CBM does not take any action or close any banks," said U Win Thaw, Vice Governor of the CBM.