Thanlwintimes

NUG to take action against private banks, financial services using 20,000 kyat banknote

Yangon, 26 August

The National Unity Government (NUG) issued a warning statement on August 24 that it will take action against private banks and financial services that use the 20,000-kyat banknotes issued by the military council.

The holding, dealing, and transfer of 20,000-kyat notes is a crime under Chapter 12 of the Anti-Terrorism Law, according to the NUG.

The NUG said that the use of the 20,000-kyat banknote issued by the military council is to be banned in order to prevent and suppress the financing of terrorism.

U Kyaw Zaw, spokesperson of the President Office of the National Unity Government (NUG), told Than Lwin Times that the junta’s issuance of 20,000-kyat notes is aimed at putting the people in trouble, so they are prohibited from using them. The terrorist military council has neither the right nor the authority to issue 20,000 notes.

The NUG urges the people to file complaints against banks and financial services companies that use the banned 20,000-kyat notes, along with proof.

The military council announced on 23 July that the new 20,000-kyat banknotes were issued to mark the completion of the Maravijaya Buddha statue built by the military leader and to mark the one-year anniversary of the white elephant Rattha Nandaka.

Economists have warned that the military council’s printing of 20,000-kyat banknotes may cause inflation and unemployment to rise and that the people may once again face the effects of extremely high commodity prices.

Currently, the people are suffering the effects of the drop in the value of the Myanmar currency due to the introduction of 20,000-kyat banknotes and the sharp increase in the prices of gold, dollars, baht, and basic food items in the market.

The National Unity Government (NUG) announced on 27 July that the 20,000-kyat banknote issued by the military council is illegal.

News-Than Lwin Times

Photo-Social Media

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