by Mizzima News
Tuesday, 28 July 2009 18:34
Chiang Mai (mizzima) – The Rangoon branch of Burma’s central bank has announced that old and worn-out banknotes can be exchanged for new ones at the Myanmar Economic Bank.
The currency notes which meets “the terms and conditions” can be exchanged at the Myanmar Central Bank’s branch office on Bo Suanpek Street in downtown Rangoon and at the branch offices of the Myanmar Economic Bank, the notice said.
However, the notice, which states that banknotes of Kyat 10 to Kyat 200 can be exchanged at the stated banks from August 3, does not specify the terms and conditions to be adhered to.
According to a report carried on Tuesday’s New Light of Myanmar newspaper, the junta’s mouthpiece, said the central bank is also providing small change to All Bus Lines Supervisory Committee and Market Departments of the municipal authorities of Nay Pyi Taw, Rangoon and Mandalay on a weekly basis.
Due to a shortage of banknotes, vendors in Burma have long practiced giving sweets and cigarettes instead of returning change to customers. Besides people using the old and worn-out banknotes are believed to have suffered from health problems.
In early June, Myanmar Central Bank and Rangoon’s Municipal committee run markets have jointly provided small change to 168 markets in the municipal owned areas and 11 tax-free markets on a weekly basis, according to reports by local weekly journals.
Tuesday, July 28, 2009
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