CBM revokes money changer licences of 166 companies during seven months

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A money counter counts 100 U.S dollar banknotes in Kiev, Ukraine, October 31, 2016. REUTERS/Valentyn Ogirenko

A total of 166 money changers have had their money changer licences revoked in the past seven months (from March to September) as they failed to comply with the rules and directives issued by the Central Bank of Myanmar (CBM).
Non-compliance with the rules invalidated licences of 123 companies on 19 September, following the revocation of licences from 13 companies on 14 August.
On 12 July, 10 money changers also got their forex licences revoked as they violated the rules and directives issued by the CBM.
Moreover, 20 money changers also got their forex licences cancelled as they did not abide by the rules and directives issued by the CBM.
The CBM set the reference exchange rate at K2,100, while a US dollar was exchanged at K3,400 in the grey market.
There is a large price difference between the reference rate of the CBM and the unauthorized market rate. However, there is no way to set the new price, as per the notification released on 26 May.
In 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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