The Central Bank of Myanmar mentioned in its press release on 23 July that it will investigate and take action against those attempting market manipulation conduct for personal gains for reasons of the issue of the new K20,000 notes.
The newly issued note will not affect the currency in circulation. It will be issued and distributed in returns for defaced and damaged notes. For instance, if a person comes to exchange defective and mutilated notes worth K10 million, only three K20,000 notes are planned to be added to the exchanged amount along with other valid and existing currency notes.
As a result of this, the issue of the new currency note will not affect the value of the currency, the CBM highlighted.
The CBM will join hands with the authorities for law enforcement activities to investigate and take action against those with manipulative behaviour to raise commodity prices and dollar exchange rates as it harms the public interest. — TWA/EM
