CNI News
28 July 2023
The issuance of 20,000 kyat notes would not cause monetary inflation and but it was a political attack to cause economic chaos, said Sr-Gen Min Aung Hlaing, chairman of the State Administration Council.
He said as above at the meeting of economic committee held on 26th July, 2023.
New 20,000 kyat notes would be produced in a limited number and the State had no financial need.
Moreover, monetary circulation within the country was also balanced. And 20,000 kyat notes would be only issued in commemoration and monetary circulation within the country had come back to the normal situation.
Design of a 20,000 kyat note
Besides, there were also many financial deposits in banks, said Sr-Gen Min Aung Hlaing.
"Insuance of 20,000 kyat notes won't cause the monetary inflation at all and opposition elements are attacking politically to cause economic chaos. Government businesses are to help the development of the country rather than to make a profit. But there shouldn't be making a loss. The economic committee plays an important role and I want the committee to pay attention to promote the national economy." he said.
adding that he wanted it to carry out the tasks with a view to the benefit of the country.
A foodstuff seller
" Ordinary civilians will think that monetary inflation will increase because new banknote is the two times of the current highest denomination banknote. if new banknotes that will be issued are 10,000 Kyat notes, the people's interpretation will be indifferent. But when they know that 20,000 Kyat notes will be issued, the people who understand or do not understand economics get shocked. So, because the people know or believe that commodity prices will go up, they are buying the goods more and more. But most of our people are still weak in economic knowledge in comparison with the people in the neighboring countries." said U Htay Aung Kyi, an economist to CNI News.
Since the Central Bank announced that it would issue 20,000 kyat notes on 31st July, the prices of foodstuff, cosmetics, gold, dollar, real estate, car and so on have skyrocketed.
