CBM revokes money changer licences of 10 companies

Ten money changers have got their money changer license revoked starting from 12 July as they failed to comply with the rules and directives issued by the Central Bank of Myanmar (CBM).
Those companies are Kannan Trading Co Ltd, Net Change Co Ltd, Thiri Aung Si Trading Co Ltd, Riverwood Group Co Ltd, Global Myanmar Services Co Ltd, D-Gold Trading Co Ltd, Aurum Image Co Ltd, Hi Welcome Travel & Tours Co Ltd, Sweeties Pearls Co Ltd and Chase Travels & Tours Co Ltd.
On 16 March, 20 money changers including Myanmar National Airlines also got their forex licences cancelled as they violated the rules and directives issued by the CBM.
They are Oake Khaung Travels & Tourism Senjo Royal Myanmar, Dawei Popular, Zam Myo, Phyo Thet, Sky Bound, Myanmar MCG Corporation, Htwe and Htwe Family, Won Won, United Eleven, Tun Yama, Myanmar Alincar Hotel Group, Cartel, Super Phoenix, Golden Falcon Shipping, Fairness Travels & Tours, Yadanabon Travels & Tours, Myanmar National Airlines, Dewant Financial Loan Microfinance and Treasure Su.
The CBM set the reference exchange rate at K2,100, while a US dollar was exchanged at K3,100 in the black market.
There is a large price difference between the reference rate of the CBM and the black market rate. However, there is no way to set the new price, as per the notification released on 26 May.
Last August, a dollar value hit an all-time high of over K4,500 in the grey market. Consequently, the CBM sold dollars at its auction market for the sectors in need, to control the soaring dollar, injecting a total of $443.8 million in the markets in 2021. — NN/EM

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