Junta-controlled Central Bank revokes licences of 123 forex firms

By Admin 21 Sep 2023

DMG Newsroom
21 September 2023, Yangon
 
The junta-controlled Central Bank of Myanmar said in a statement that it had revoked the licences of 123 foreign exchange companies.
 
The CBM’s September 19 statement said the blacklisted forex firms had not complied with the Central Bank’s orders and instructions.
 
Among the foreign exchange companies whose licences were revoked by the junta are tour companies and businesses including the upscale Sedona Hotel in Yangon, airline ticket agencies, trading companies and money exchangers.
 
“Hotel and tourism businesses only use US dollars. Travellers buy air tickets in dollars. If only the banks allowed by the military regime are allowed to hold US dollars, it will put a strain on tourism,” said a woman working in tourism in Yangon who did not wish to be named.
 
Although the CBM has set the exchange rate at K2,100 per dollar, market exchange rates currently range from K3,400 to K3,500 per US dollar.
 
As the junta has continued to revoke licences and shutter business licences, many foreign exchange companies have stopped exchanging dollars and are struggling to survive.
 
“We have stopped exchanging US dollars. Other currencies are allowed to be exchanged and sold,” said a man who operates a money changer business in Yangon.
 
The CBM revoked the licences of 13 foreign exchange companies in August.
 
The junta has so far revoked the licences of 167 foreign exchange companies.