The Central Bank of Myanmar suspended the licence of one money changer company, Myanmar Sunflower, on 8 April as it failed to comply with the rules, guidelines and directives issued by the CBM.
That company, granted a money changer licence (CBM FEMD 156/ 2013) on 7 October 2013, was found to violate Section 22 of the Foreign Exchange Management Law. Therefore, the licence was subject to a six-month cancellation.
CBM also revoked licences of six forex companies starting from 5 April 2024 for non-compliance.
CBM notified revocation of 14 money changer licences and suspension of 11 in March 2024 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 provisions stipulated in the existing laws, 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 market. Additionally, the authorized money changers sell the foreign currency as petty cash to those going abroad, according to CBM’s notification.
Moreover, the surprise visits are being undertaken at money changers to ensure they abide by the directives issued under the Foreign Exchange Management Law.
A combined team led by the Monitoring and Steering Committee on Gold and Currency Market, comprising competent authorities from CBM, Yangon City Development Committee, the Department of General Administration and law enforcement agencies, has been conducting the surprise inspections. — NN/EM
