Mawlamyine, March (17)
If the Central Bank under the Military Council cannot handle the problem of counterfeit currency, there will be a devaluation of Myanmar currency, leading to a multi-faceted crisis, the economists criticised.
Starting in the first week of March, more than 70 Facebook pages trading in counterfeit banknotes have appeared online nationwide, and these pages have been open over the past few months.
There are widespread reports that one hundred thousand kyats were exchanged for ten lakhs of counterfeit banknotes.
Photos and videos showing that counterfeit banknotes worth Ks 10,000 and 5,000 were received during the transaction are also circulating on social media.
The economist pointed out the possible consequences unless the central bank controls it while counterfeit banknotes are circulating in the market.
“The flow of counterfeit money is not easy to control because it can’t be done by the Central Bank alone. It depends on the political situation. If we do not control it, there will be a further devaluation of the currency and the situation is getting worse. If the value of money goes down, commodity prices will go up. So there is a possibility of a multi-faceted crisis,” he commented.
Counterfeit banknotes come from China and Thailand.
Regarding the counterfeit banknotes in the country, Than Lwin Times tried to reach the director of the Central Bank under the Military Council, but he didn’t respond.
In Myanmar, the banking system and financial system have collapsed since the military coup, and public confidence in banks has also declined significantly.
News –Than Lwin Times