The Central Bank of Myanmar (CBM) made an announcement on July 12, stating that it has revoked the licenses of ten money changer companies.
Those companies 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.
According to the CBM, the licenses of the aforementioned ten companies were revoked due to their failure to comply with CBM's instructions. The decision to revoke their license to buy, sell, and exchange foreign currencies was made during the executive committee meeting.
Money changers are expressing worry and concern as their licenses have been revoked and actions have been taken by the Military Council.
"Our shop is currently closed due to the ongoing situation. We are unable to provide currency exchange services at this time," informed an official from PHK Money Changer.
In the current local currency market, the exchange rate for one US dollar ranges between 3,050 and 3,100 kyats.
However, the CBM has established regulations for money changer companies. These regulations include exchanging 2,100 kyats per US dollar, limiting daily exchanges to not exceed ten thousand US dollars, and requiring companies to maintain a list that can be presented during inspections.
"Despite the escalating dollar price, there are numerous individuals who do not possess any dollars on hand," expressed a woman employed at a money changer in Yangon.
The CBM is implementing measures to revoke licenses in response to the rise in exchange rates within the local currency market.
In June, action was taken against 51 individuals and 3 companies for their involvement in manipulation, illegal foreign currency dealing, and illegal foreign currency transfers. Furthermore, Shwe Nan Taw Wyn Co, Ltd had its money changer license suspended for a three-month period. Similarly, in March, along with Global Innovations Finance Co, Ltd, licenses of 20 other companies were revoked.
On June 21, the United States announced sanctions against Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB), both of which have direct connections to the Military Council.
As a result, the Military Council has summoned and conducted inspections of money exchange businessmen and gold businessmen in the country, according to sources close to the businessmen.
