Myanmar military Council action against two foreign exchange companies

The Central Bank of the Military Council announced on May 3 that the licenses of two foreign exchange companies were suspended for six months for not complying with the Foreign Exchange Management Law.

Foreign exchange companies such as Money King Co., Ltd. and Wakhema Trading Co., Ltd. The work permit has been suspended. RFA tried to contact the companies whose licenses were suspended, but could not be contacted as the device was turned off.

An exchange operator, who did not want to be named for security reasons, said that this action was taken to control the exchange of foreign currency in the external market instead of going to the banks.

“We must want to control the foreign currency scattered outside the main. Lately, the foreign currency is not going to the bank anymore, because it is going to the foreign exchange business. Even if they want dollars, they often buy from exchanges."

Today, May 6, the external market price of one US dollar is rising to 3,960 kyats.

The Central Bank of the Military Council has taken a series of measures against foreign currency exchange sales after the domestic price of the US dollar rose exponentially.

Last March and April, 31 foreign exchange licensed companies were temporarily suspended by the Central Bank of the Military Council.