THE Central Bank of Myanmar (CBM) has been cracking down on those involved in illegal currency exchange through Facebook groups and pages in line with existing regulations.
The statement revealed that CBM is selling petty cash at the daily market online trading rate for those studying abroad, working abroad, travelling abroad for medical treatment and attending official meetings at Yangon International Airport or money changers of authorized banks to stabilize foreign exchange rates.
CBM has been monitoring money changers to ensure they stick to the directives stipulated under the Foreign Exchange Management Law. It has also been taking action against those involved in illegal digital currency conversion and operating hundi businesses (illegal cash transfer) without holding a valid licence.
CBM has been working together with law enforcement agencies under the Ministry of Home Affairs to interrogate and prosecute Hundi business operators by checking their banking history.
Myanmar Police Force has been taking actions against nine individuals out of 26 people with suspicious activities and six of them have been taken to courts in the respective townships, CBM’s statement mentioned.
CBM found illegal money transfer activities on Facebook platform through some groups, pages and ten Facebook accounts. CBM has been accelerating efforts to conduct legal action against those involved in illegal Hundi businesses without holding a valid licence, CBM notified. — NN/KK
