Myanmar denies banknotes demonetization rumors

Myanmar's State Administration Council announced on Wednesday that the citizens can continue the use of 5,000 and 10,000 kyat notes trustfully.

The council said that rumours and fake news were spread in social media about the demonetization of 5,000 and 10,000 kyat notes published by the state officially.

Meanwhile, the Central Bank of Myanmar on Wednesday announced that the citizens can continue the use of the notes trustfully and banking services without worries as the directive has been given to the banks to operate banking services as usual. The Central Bank of Myanmar placed emphasis on stabilizing the monetary system regarding the rumours.

Myanmar government leaders and other senior officials of the ruling National League for Democracy (NLD) were detained by the military in early hours of Monday.

The President's Office later declared the one-year state of emergency and the state power was handed over to the Commander-in-Chief of Defence Services, according to a statement from the military.