CBM revokes money changer licences of 43 companies in half a year

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FILE PHOTO - An employee checks U.S. dollar bank-notes at a bank in Hanoi, Vietnam August 12, 2015. REUTERS/Kham/File Photo

Forty-three money changers have got their money changer license revoked in six months (March-August) as they failed to comply with the rules and directives issued by the Central Bank of Myanmar (CBM).
Non-compliance with the rules invalidated the licences of 13 companies on 14 August.
Those companies are Prime Residence Co Ltd, West Line Co Ltd, IMA Co Ltd, Great Father Great Sons General Trading Co Ltd, Gold Foil Co Ltd, Big Lion Gems Co Ltd, Global International Investment & Development Co Ltd, World Fortune International Finance Group Shares Co Ltd, Myat Nan Yone Services Co Ltd, LP Holding Co Ltd, Golden Myanmar Asia Crown Travels & Tours Co Ltd, Yangon KSA Travels & Tours Co Ltd and Balance Co Ltd.
On 12 July, 10 money changers also got their forex license revoked as they violated the rules and directives issued by the CBM.
They 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.
Moreover, 20 money changers also got their forex license cancelled as they did not abide by 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 K3,700 in the grey market.
There is a large price difference between the reference rate of the CBM and the unofficial 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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