Thursday, September 21, 2017

Bank note swaps not limited to downtown: Ministry of Finance

Yangon residents were last week reminded by the Ministry of Finance and Revenue that they can change worn banknotes at those Myanma Economic Bank branches located in the city’s outskirts, and not just the downtown area.

A ministry press release said the number of people exchanging worn notes outside the downtown area was only 20 to 30 people a day, far less than those recorded downtown.

All branches of Myanmar Economic Bank have exchanged notes in K10, K20, K50, K100 and K200 denominations every Monday and Friday since August 3.

From August 28 the ministry added Wednesday as a day when the public could exchange battered K5 and K500 notes.

The announcement added that each customer is limited to exchanges of up to 30 notes each visit and anyone wishing to exchange more than this is required to submit a report to the manager of branch, it said.

The Central Bank of Myanmar announced the banknote exchanges at the end of July to replace old and worn notes.

“The older and ragged banknotes were mostly used to pay for bus fares and buying produce in markets but some of them were so bad they just couldn’t be used.

“But these new notes can be used everywhere and it’s good news,” said Ko Myint Zaw who lives in Insein township.

He said that prior to the exchange he was often infuriated when a cashier would give him a packet of tissues or some candy in lieu of the appropriate change.