CBM suspends licences of four Forex dealers for non-compliance

The Central Bank of Myanmar has temporarily revoked the licences of four foreign currency dealers for three months for failing to comply with the provisions under the Foreign Exchange Management Law following a spot check.
These authorized dealers are Thura Nay Tun (Fame Money Changer), Lead Star Money Changer, Steber Group Money Changer and Asia Shwe Thee Money Changer.
The spot check was conducted in Yangon on 6 and 8 March by a joint team led by the Monitoring and Steering Committee on the Gold and Currency Market, including the CBM, Yangon City Development Committee, General Administration Department and law enforcement organizations and these four dealers were found to be non-compliant, CBM stated.
These dealers’ licences were revoked for three months pursuant to Section 35 of the Foreign Exchange Management Law, and CBM described its activities in developing an online trading market for importers and exporters to create a stable foreign exchange market and to stabilize the exchange rate, and in issuing petty cash to foreign-going nationals at the exchange counters.
Moreover, CBM is conducting on-site inspections of foreign exchange counters to determine whether they comply with the directives under the Foreign Exchange Management Law and will continue to conduct random checks in line with the stipulations under the law. — MT/ZN/ED