People urged to report illegal holding of foreign currency

NATIONAL NEWS

It has been announced that complaints can be filed about the illegal holding of foreign currencies, making illegal transactions, and playing the market to the Complaint Verification Team of the Monitoring and Steering Committee on the Gold and Currency Market.
The announcement stated that activities that should be reported are harming the financial market such as real estate, those who do not comply with the Central Bank’s payment restrictions when selling and transferring property such as vehicles, taking a percentage of the cash deposited in banks and issuing cash, keeping cash outside the bank by taking the percentage of the kyats deposited in the bank account and exchange them for cash should be reported.
Reports can be sent via the committee’s complaint verification team telephone number 067-3409463; mobile phone number 09-43006833 and e-mail address [email protected]
The duties of the Complaint Verification Team of the Monitoring and Steering Committee on the Gold and Currency Market are to check transaction records as necessary to identify transactions with the purpose of speculation in the domestic gold market, verify following the payment rules issued by the Central Bank of Myanmar and to identify those who have done actions with the intention of undermining the stability of the domestic gold market and taken action under existing laws and orders.
A State-owned bank has the right to sell or buy foreign currency. Foreign currency in and out of accounts of private banks and money changers are governed under the Foreign Exchange Management Law of the Central Bank of Myanmar. —TWA/GNLM

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