Narinjara news

March 7, 2002

MYANMAR QUASHES RUMOURS OF BANK NOTE WITHDRAWAL

AFP, YANGON

Myanmar's military junta Wednesday moved to quash rumours that it will introduce two high-denomination bank notes and withdraw all other currency in circulation.

" As we have already declared before, we have not intention of demonetising the present currency in circulation and there will be no 5,000 kyat notes nor 10,000 kyat notes issued," said deputy chief of military intelligence Major General Kyaw Win.

Kyaw Win told reporters the rumours cropped up following the discovery and seizure of counterfeit 1,000 kyat notes in downtown Yangon recently.

But he said there was no indication of a well-planned campaign to flood the market with fake bank notes.

" These were isolated discoveries and we are just in the process of following the paper-trail," he said, adding no arrests have been made so far.

The military government dealt with similar rumours last November, when it denied widespread speculation it was poised to withdraw the 500-and 1,000- kyat notes from circulation.#

source: the daily star