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Central Bank to Issue New Banknotes ‘This Year’ in Effort to Weed Out Fakes
Source : Myanmar Business Today View Count : 3748
Jun 14, 2017

The Central Bank of Myanmar is plan­ning to issue more secure K10,000 and K5,000 banknotes this year, to counter the spread of fake bank notes.
        The soon to be issued banknotes will feature new watermarks, serial numbers and a different colour metallic security strip so that they will be easy to identify compared to older banknotes, ac­cording to U Aung Kyaw Than, Director of Finan­cial Management Depart­ment of the CBM. “We will increase secu­rity in the banknotes as much as possible follow­ing international stand­ards. We are issuing new K10,000 and K5,000 banknotes to protect peo­ple from fake banknotes that are in circulation in the market,” he said.
        The Central Bank of Myanmar didn’t reveal a timeline on when the new notes would go into circu­lation or how many would be released.
        Late last year, U Soe Min, Vice Governor of Central Bank of Myan­mar told a parliamentary meeting that the cost of putting new notes into circulation and recalling old notes could top K300 billion.
        The Myanmar Crimi­nal Investigation Depart­ment (CID) has said that fake bank notes have been printed by criminal organisations and have been used Yangon and Bago regions as well as Mon and Shan states.
        Several people have been arrested in connec­tion while the CID are engaged in an ongoing investigation into the spread of fake notes, ac­cording to news release from the department. When released, the Cen­tral Bank of Myanmar will deliver the new notes to local banks in exchange for the old notes.
        The K5,000 note featur­ing a central elephant mo­tif was introduced by the CBM in 2009 while the K10,000 banknote was introduced in June 2012

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