Myanmar exposes some counterfeit banknotes from bank savers

21:50, October 13, 2010      

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The Myanmar bank authorities have exposed some counterfeit banknotes mixed with genuine ones handed to banks for deposit from savers, the local weekly 7-Day News reported Wednesday.

Such bank notes were found not issued by the Central Bank of Myanmar, the weekly quoted the First Private Bank as saying.

These counterfeit notes were exposed as 1000-Kyat and 5000-Kyat notes, the sources said.

The central bank has notified bank cashiers to systematically check when receiving the bank notes put in for deposit.

There are 11 kinds of bank notes in circulation in Myanmar which are 50-pyas, 1-Kyat, 5-Kyat, 10-Kyat, 20-Kyat, 50-Kyat, 100- Kyat, 200-Kyat, 500-Kyats, 1000-Kyat and 5000-Kyat.

The 1,000 Kyat-notes and 5,000-Kyat notes were put into circulation by the central bank on November 1998 and October 2009 respectively.

Myanmar is a country with its people using cash currency more than cheque which is limited.

Source: Xinhua


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