The central bank revoked the license of more than a hundred currency exchange counters
The Executive Committee of the Central Bank of 123 companies that are allowed to exchange foreign currency
Yesterday’s announcement was made that the licenses were revoked according to the decision of the meeting
These exchange counter operations are governed by the Foreign Exchange Management Law. For not following the rules and instructions issued by the central bank
According to the decision of the central bank executive committee meeting, the money changer license to buy and sell foreign currency has to be revoked.
Sedona Hotel (Straits Greenfield Limited) is among the currency exchange counters whose licenses have been revoked. Taw Win Family Construction Co., Ltd. Famous currency exchange counters such as Family Treasure Travels & Tours Co.,Ltd and Columbus Travel & Tours Co.,Ltd are also involved.
Most of the counters that were closed due to the unstable exchange rate and the counters that sold at the outside price instead of at the set price were revoked, and most of them were businesses that were opened in Yangon.
Since the end of last July, foreign currency prices, including the dollar, have risen significantly in the local currency market, and most of the exchange counters operating in major cities have stopped trading and closed their shops.
Although the central bank has set the official exchange rate at 2,100 dollars, the foreign exchange market has risen to around 3,500-4,000 kyats.
Because the license of these exchange counters has been revoked, the price of the foreign dollar has risen, and now it is operating at 3,450 kyat per dollar. If you can’t buy it at the exchange counters, you have to buy it from the sellers in the outside market, so they consider that you can pay a higher price.