12 March 2024
To stabilize the foreign exchange market and the foreign exchange rate, the Central Bank of Myanmar has announced that it has taken action against four money changers who did not comply with the provisions of the Foreign Exchange Management Law.
A joint team consisting of the Monitoring and Steering Committee on Gold and Currency Market, Central Bank of Myanmar Yangon Municipal Development Committee, the General Administration Department, and law enforcement agencies inspected foreign currency exchange business operators in Yangon on March 6 and 8, 2024.
During such casual inspection, Thura Nay Tun (Fame Money Changer), Lead Star Money Changer, Four Steber Group Money Changers and Asia Shwe Thee Money Changers were found to be non-compliant with the law, will be punished with a three-month suspension of their business license by the provisions of Section 35 of the Foreign Exchange Management Law.
The Central Bank of Myanmar has announced that it shall conduct regular field inspections to ensure the stability and stability of the foreign currency market and the foreign exchange rate, and will strictly control it by the provisions of the law.
