Central Bank revokes licences of 10 foreign exchange companies

By Admin 13 Jul 2023

DMG Newsroom
13 July 2023, Sittwe

The junta-controlled Central Bank of Myanmar said in a statement on July 12 that it had revoked the licences of 10 foreign exchange companies.

Among the foreign exchange companies whose licences were revoked by the junta are Kannan Trading; Net Change; Thiri Aung Si; Riverwood Group; Global Myanmar Services; D-Gold; Aurum Image; Hi Welcome Travel; & Tours Sweeties Pearls; and Chase Travels & Tours.

The CBM statement said the forex firms had not complied with the Central Bank’s orders and instructions, and the licences were revoked on the basis of a decision by the bank’s executive committee.

Other foreign exchange companies are fearful that they might be next in the CBM’s sights.

“Our exchange counter is closed due to various reasons. Exchanges are no longer available,” said an official from PHK Money Changer.

Exchange rates currently range from K3,050 to K3,100 per US dollar in the domestic exchange market.

“Although the prices of US dollar exchange rates are rising outside, there are many people who do not have dollars on hand,” said a female money changer.

The CBM has demonstrated a willingness to crack down on foreign exchange players it deems to be operating outside the bounds of the law.

Last month, the Central Bank took action against 51 money changers, illegal foreign currency traders and illegal foreign currency transferors, as well as three companies, and also suspended the foreign exchange licence of Shwe Nan Taw Wyn Co. Ltd. for three months.

In March, the business licences of 20 money exchange companies including Global Innovation Finance Co. Ltd were revoked for failing to comply with the Central Bank’s orders and instructions.