Two money changers (Update Forever and Ngwe Boom) got their licence suspended for up to three months as they failed to comply with the rules and directives issued by the Central Bank of Myanmar (CBM), as per its notification dated 18 March.
Additionally, Sint Oh Dan Co., Ltd, which was granted a money changer licence (CBM FEMD -499/ 2020) on 12 March 2020, was found to violate Section 22 of the Foreign Exchange Management Law. Subsequently, the licence of that company was revoked for six months under Section 35 (B) of the Law starting from 18 March 2024.
Furthermore, five money changers got their licences removed, and seven got suspended licences for non-compliance with the rules and directives of the CBM this month.
The CBM will conduct surprise inspections at money changers in a bid to stabilize foreign exchange rates in line with the existing laws, the CBM announced on 11 March.
The 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
