CBM authorizes two more forex companies for petty cash purchases

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The office building of the Central Bank of Myanmar in Yangon.

The Central Bank of Myanmar (CBM) announced two more authorized forex companies (Eastern Lad Co Ltd and Golden Money Services Co Ltd) for those going abroad to buy foreign currencies as petty cash, according to its notification on 14 June.
With a view to facilitating the purchase of foreign currencies in addition to internationally accepted debit cards and credit cards and curbing forex market manipulation by illegal money changers, those studying abroad, working abroad and travelling abroad for medical treatment are entitled to buy foreign currencies that are equivalent to US$300-500 per person at the authorized banks’ exchange counters and money changers at the Yangon International Airport starting from 31 May 2023, while those going on a pilgrimage and those leaving for the designated countries to attend the meeting as per the invitations of the foreign governments and institutions are allowed to buy the petty cash from 18 August 2023. Those authorized money changers sell a US dollar by adding K10 to the daily online trading rate of the CBM.
The money changers of Eastern Lad Co Ltd are located at No 156, ground floor on Yangon-Insein Road in Ward 2 in Kamayut Township, at No 215, Room 1, Anawrahta Road, Pabedan Township and No 926, Thudamma Street in North Okkalapa Township. The Golden Money Services Co Ltd is located at YIA in Mingaladon Township, Yangon.
Authorized dealers (private banks) announced that their branches are available to sell foreign currencies as petty cash on their websites and Facebook pages, and authorized foreign exchange companies also revealed details on their respective pages.
On 4 March, CBM joined hands with three domestic banks (KBZ, AYA Bank PCL, UAB) for those going abroad to buy foreign currencies in Nay Pyi Taw, Yangon, Mandalay and Taunggyi cities as the special scheme.
Additionally, the foreign currencies as petty cash can be purchased at the respective bank counters of the CB Bank PCL, Myanmar Oriental Bank, KBZ Bank, Innwa Bank, AGD Bank, AYA Bank PCL, UAB Bank, Myanmar Apex Bank, Myanmar Citizens Bank, Global Treasure Bank, Yoma Bank and Ayeyawady Farmers Development Bank, according to notifications of those banks on their official websites and Facebook Pages.
The money changers of the authorized dealers (private banks) are entitled to transact the foreign currencies denoted in US dollar, euro, Singapore dollar, Thai baht, Malaysia ringgit, Chinese yuan and Japanese yen. — NN/EM

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