Myanmar Denies Demonetization Rumours


Yangon, July 25: Myanmar’s Presidential Office has denied that it has issued an executive order to demonetize banknotes, saying that legal action will be taken against perpetrators of the fake news, media reported on Wednesday. Director-General and Spokesman of the President’s Office U Zaw Htay refuted the false executive order proliferating on Facebook, which is said to have been issued by the top office, the Global New Light of Myanmar reported.

The false presidential executive order, posted on the Facebook, reads: “Banknotes of 500 kyat, 1,000 kyat, 5,000 kyat and 10,000 kyat would be invalid beginning August 1.” Htay said that a probe is on and action would be taken against those spreading canards and trying to undermine the peace and stability of the country. He warned the public that there has been no official announcements nor orders concerning banknotes, Xinhua news agency reported. (IANS)