Counterfeit banknotes on the rise in Burma
Counterfeit banknotes being traded on social media are gaining traction among the general public.
More than a year after the military coup, counterfeit banknotes have been widely traded on social media, raising concerns among the public. After the coup, it has become difficult to withdraw money from banks and the proliferation of counterfeit money also depends on the banks that can not withdraw money, a citizen said.
“Even ordinary people cannot separate counterfeit money,” he said. It comes to you while you are shopping and you do not know it. I use another one. Then counterfeit money will gradually increase. How can regular grandparents learn more than even young people know? If you actually catch counterfeit money, the loss will be a problem. The problem with counterfeit money is very serious.
As long as the banks can not withdraw money, the problem of counterfeit money will continue. One of the problems I encountered the other day was that I bought a car with counterfeit money. “If you sell a car because you don’t have money, it will be a pity for the people to buy with fake money.”
Counterfeit money is being traded online for as much as 100,000 kyats in counterfeit currency. After the military junta took power in Burma, inflation and rising commodity prices also led to rising commodity prices.
“I don’t even know how to understand. I see it as a very serious matter. Money can be very cheap these days, and it can lead to many other problems. Similarly, people feel that they have to use counterfeit paper. After that, when it comes to you, what will you do if the counterfeit banknotes become unusable? ”
Counterfeit banknotes were found to be in the public domain at 5,000 to 10,000 tonnes, respectively. A bank official said the problems were due to the banks not being able to disburse enough money to meet the needs of the people.
A private bank employee said, “The fact that counterfeit money comes out like this means that the banks cannot issue money. When it is not possible to withdraw the money of the cast members, they have to pay a percentage outside. Now people are saying that it is convenient to get money, so they have come up with a percentage. So, my sister saw it because of that.”The main reason is that the bank is not able to withdraw Kastanma’s money.”
Counterfeit currency also existed before the military coup, but it did not reach the masses quickly and was not sold openly.In the past, only banks and online digital systems were used to make purchases. Now that counterfeit money is being bought in bulk, Depending on the size of the yard, only one or two toys will fit.
According to the Central Bank, those who use counterfeit money unknowingly can be arrested and prosecuted. Myanmar’s central bank has told the media that it is cracking down on the sale of counterfeit notes.DVB