The Central Bank of Myanmar revoked the licences of seven money changers and suspended those of 19 money changers for six months in the past 15 days as they failed to comply with the rules, guidelines and directives issued by CBM.
CBM cancelled the licences of New World Financial Group of Co Ltd, GST Travels & Tours Co Ltd, Prima Win Co Ltd, Great Jewel Star Co Ltd, Shwe D P Co Ltd, JMJ International Co Ltd and Shwe Khaing Toe Co Ltd for non-compliance.
The suspended foreign exchange companies are Myanmar Sunflower Co Ltd, Air Thanlwin Ltd, Albert Brothers Co Ltd, Dagon Win Win Co Ltd, Emerald Rose Garden Ltd, Grand Andaman Co Ltd, Grumman Investment Holding Ltd, Maha Bawga Money Exchange Co Ltd, Mann Yadanabon Airline Co Ltd, Min Myanmar Chit Khant Family Services Co Ltd, Myanmar Hotels International Co Ltd, New Dawn Co Ltd, Safe Net Union Co Ltd, Shwe Nay La Win Co Ltd, Smile World Co Ltd, Taw Win San Htar Hotel Co Ltd, Yadana Sein Win Win Co Ltd, Yadana Shwe Pyi Co Ltd and Yoe Yoe Yin Yin Co Ltd. CBM notified revocation of 14 money changer licences and suspension of 11 this month for non-compliance with the CBM’s rules and directives in March.
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 in developing the FX market. Additionally, the authorized money changers sell the foreign currency as petty cash to those going abroad, according to CBM’s notification. Moreover, surprise visits are underway 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 CBM, Yangon City Development Committee, the Department of General Administration and law enforcement agencies, has been conducting the surprise inspections. — NN/EM
CBM revokes licences of 7 money changers, suspends 19 for 6 months
- April 18, 2024
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