Thursday, August 17, 2017

Old notes policy torn up by CBM

Tourists might soon breathe a sigh of relief as the Central Bank passed a notification allowing authorised foreign exchange money changers and three state-owned banks to accept older, discoloured and damaged notes, an official said last week.

Central Bank deputy director general U Win Thaw said the bank would be able to accept imperfect notes under notification 7/2012-2013, which was issued on October 17. However, he added that the notes must still be identifiable.

“We’ve found that many tourists have faced that problem, and there are many complaints from clients in money changer,” U Win Thaw said.

“When the US imposed sanctions [on Myanmar], no foreign banks would accept our foreign currencies that we got from export earning but now banks, including some in Singapore, are accepting our currencies.

“So we are depositing our old notes and exchanging them with new notes.”