CNI News

20 July 2022

The rumour that no one has the right to possess foreign currencies such as US dollars, Euros, Yens and Singapore dollars except the government was not true and authorities are taking action against those who spread the fake news, Deputy Governor U Win Thaw of the Central Bank of Myanmar told the CNI.

“The fake news report has gone viral and market exchange rates have risen. It was not a statement issued by the CBM. Someone spread fake news reports to undermine the financial sector. The Ministry of Home Affairs is tracking the person who first spread the fake news report to take action against him. It was a fake news report and just an act of sabotage aiming at the creation of confusion among the public and chaos in the financial sector. We have seen the source that first fabricated the news report and the Ministry of Home Affairs is taking necessary action,” he said.

Fake news about possessing foreign currencies.

Fake news reports have spread on social media that no one has the right to possess foreign currencies including US dollars, Euros, Yens and Singapore dollars except the government in the Republic of the Union of Myanmar and action would be taken against those who possess them in accordance with the banking and financial laws.

Moreover, the reports said that jail terms and fines will be imposed on them based on prevailing prices to control the financial flows to illegal organizations.

It was also stated in the fake news reports that the FEC system equivalent to the US dollar would be adopted again at the end of 2022 and border trade with neighbouring countries would be carried out in Yuan, Rupee, Baht and Ruble.

The Ministry of Home Affairs is taking measures to take action against the news source.

Economists said that some people are taking advantage of political instability, economic crisis and rising market rates of US dollar in Myanmar to spread fake news.