Recently spreading news that a limit has been imposed on cash withdrawals from the banks is just a rumour, according to the Central Bank of Myanmar.

Local banks can now handle any transaction up to the amount of K500 million. CBM also mentioned that such rumours are being spread by media and people linked to terrorist groups as well as terrorism supporters disguised as media on social media platforms. Despite their misinformation propaganda, most of the public is reportedly undisturbed and logical without getting into panic like in 2021.

“It was a plot to repeat the 2021 panic. Although they knew it was not true, some extremists posted on social media in support of it. It was carried out under the banner of Resistance through media, intending to present a dilemma for SAC. Actually, the banking industry has become more stable. I’d like to advise people not to be alarmed by such rumours,” said a person close to the banking circle. Rumours suggesting that the amount of cash withdrawals from bank deposits is limited and that some private banks are providing advance salary to their employees have recently been spread by some malicious persons on social media and internet websites to damage the public interests. These claims are false news and misinformation, according to an announcement dated 16 November by CBM.

CBM assured that there is no limit imposed on the amount of cash withdrawals from bank deposits while banking services are now available at any branch of a bank throughout the nation after deposit account data of the customers are readily and conveniently accessible at each branch of the banks, thanks to core banking system. Moreover, digital banking services as well as payments can also be made easily and all banking services are provided at the banks as usual. Customers of those banks can continue to enjoy banking services regularly as well, it added.

Furthermore, CBM is reportedly working in cooperation with law enforcement organizations to reveal those who spread fake news intending to deteriorate the interests of the public and impose deterrence punishment against them, under legal stipulations.

Myo Khine/ZN

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