CBM reassures public about maximum security of banknotes

 January 02, 2023

 

The Central Bank of Myanmar (CBM) is making concerted efforts to ensure maximum security of banknotes, said Dr Lin Aung, deputy governor of the CBM.

He gave the remark at the coordination meeting of banknotes distribution and management matters held on 27 December in Nay Pyi Taw.

The CBM has the sole right to publish currency notes and manage the currency. The CBM is prioritizing the security features of the notes, detecting fake notes and eliminating soiled notes.

It will implement exchanging of the notes which have been excessively soiled, brittle and mutilated. The investigation will be undertaken to spot counterfeit notes and seize those counterfeit money sellers and distributors.

Under the Union Bank of Burma Act 1952, the Union Bank of Burma’s new financial department was bestowed power to issue the currency notes and commenced the central bank’s banking operations on 1 July 1952.

After that, the promissory notes are amended. Newly issued notes included 1-, 5-, 10-, and 100-Rupee notes. Then, the Kyat currency was connected. Kyat note bears the watermark of a peacock. For the second time, the banknotes had an image of Bogyoke Aung San in military uniform in 1958. Bank notes of K1,5,10 and 100 were issued on 12 February 1958 and 21 days after, K20 and 50 notes were issued respectively. It is the first-ever currency note issued in Myanmar. — TWA/EMM