NUG announces K20,000 of military council to be illegal tender

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Mawlamyine, 28 July

The Interim Central Bank of National Unity Government announced that K20,000 banknote of military council to be illegal tender.

The order signed by U Tin Tun Naing, the governor of ICB, on 27 July said that the  NUG and its successive governments will not recognize the new denomination as an official money.

ICB also said that printing of new banknote has led to inflation at the time when people are facing grave crisis, poverty and pandemic, and that the new denomination will cause financial hardship for families, businesses and investors.

The order added that the military will issue this new banknote to fulfill the urgent need of budget required to extend the dictatorship regime and to carry out  its violence and arocities against civilians.

The Central Bank of Myanmar under the control of miltary council announced on 23 July to issue the new banknote on 31 July.

Economists forecast that this banknote will lead to inflation and increase in unemployment  rate, as well as higher commodity price.

News—Than Lwin Times

Photo—NUG

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