The Central Bank of Myanmar revoked the licences of six money changers and suspended those of four money changers for six months on 26 March as they failed to comply with the rules, guidelines and directives issued by the CBM.
CBM cancelled licences of Best Yuan Money Changer Company, Currency Hub Company, Globextra Company, My Gold Myanmar Company, Sym Chem Company and Win Yadana Gems & Jewellery Company starting from 26 March 2024 for non-compliance.
Similarly, Farmer Phoyarzar Auto Mobile Services Company, PAAMAA Company, Source Strategy Consultant & Development Company and Wu Fu Company were suspended for up to six months from 26 March 2024.
CBM notified revocation of 14 money changer licences and suspension of 11 this month for non-compliance with the CBM’s rules and directives.
CBM vowed to conduct surprise inspections at money changers in order to stabilize foreign exchange rates in line with the stipulations of the existing laws, the CBM announced on 11 March.
CBM initiated an online trading market in which exporters/importers and private banks are engaged, with a view to developing the FX market. Additionally, the authorized money changers sell the foreign currency as petty cash to those going abroad, according to the CBM’s notification.
Moreover, the surprise visits are being undertaken at money changers to ensure they abide by the directive issued by the Foreign Exchange Management Law.
A combined team led by the Monitoring and Steering Committee on Gold and Currency Market, comprising competent authorities from the CBM, Yangon City Development Committee, the Department of General Administration and law enforcement agencies, has been conducting the surprise inspections. — NN/EM
