THE Central Bank of Myanmar (CBM) refuted claims on withdrawing currency notes from circulation and issuance of new notes, as per its notification dated 10 November.

Unscrupulous individuals intend to manipulate the market to interfere with market stability by disseminating false information on social media platforms. They created Facebook public groups related to gold transactions. They spread misinformation regarding the possible de-legalization of currency from circulation, issuance of new notes and bank crashes with a deliberate attempt to impact the currency market, domestic banking sector and commodity market by using locked profiles and anonymous participants on Facebook.

Those kinds of malicious false news are often found on social media platforms to raise public concerns. The CBM publicly dispelled malicious rumours on its website. CBM has no plan to withdraw currency notes from circulation, issue new notes or cease banking operations.

Law enforcement agencies and related institutions are joining hands to prosecute the admins of those Facebook Pages/Groups posting misinformation and those individuals spreading fake news and misinformation to hamper the stability of Myanmar’s currency market intentionally. People are warned of fake news spreading online not to encounter unnecessary loss, ensuring the use of currency notes legally issued by the CBM and maintaining customer trust in banking operations and services of authorized dealers and financial institutions holding licences, the CBM notified.

NN/KK

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