CNI News
13 July 2024

Khit Thit Media will be prosecuted under existing laws for broadcasting false information about Yoma Bank, the bank officially announced on 11th July 2024.

The media broadcast pieces of news stating directors of Yoma Bank were inspected regarding money laundering and they were detained, which was performed with an unscrupulous intent by the media, said in the bank's announcement.

The media carried out to hurt the public interests while there were instabilities and the bank would prosecute those who distributed false information under the existing laws, said in the statement released by the bank.

Yoma Bank, Ayeyarwady Bank, SMEs Development Bank, UAB Bank, Myanmar Metro Bank, Construction, Housing and Infra-structure Development Bank were found to have lent housing loans more than amount designated by the Central Bank of Myanmar, said the State Administration Council (SAC) and then they were taken action against on 1st July.

While seeing the reporting by Khit Thit Media

After that, the public is so worried that they are withdrawing their deposits, so the banks are issuing the money in a limited amount. And then, secretary, associate secretary of the SAC, Union Home Minister, Central Bank and Deputy PM met with patrons and chairpersons of the state-owned and private banks in Naypyidaw on 10th July.

As Myanmar was practicing the market economy, the Central Bank and private banks could perform freely. But violations of the rules and regulations could hurt the country's economic policies.

So, the government had to take decent action. Moreover, the people should not withdraw their deposits unnecessarily and they should not be worried about rumors; the SAC wanted banks to comprehensively use card and e-Banking systems, said Lt-Gen Aung Lin dwe, secretary of the SAC.