Mizzima
The state-run daily papers of the Military Council reported that the Central Bank of Myanmar (CBM) revoked licenses of the nine foreign currency dealer companies in March 2024.
The spot check was conducted in Yangon on 6 and 8 March and then the CBM announced that it temporarily revoked the money changer licenses of four companies for three months.
The CBM issued an announcement dated 11 March which says that the Central Bank of Myanmar has temporarily revoked the licenses 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.
Moreover, the CBM announced that they temporarily revoked the money dealer licenses of Sweet Yadanar Company and Ngwe Myinn Phyu Company on 12 and 13 March for six months.
Similarly, the CBM revoked licenses of three money dealer companies namely Archipelago Seamen Club Company, SJ Vita Myanmar Company and M Plus Myanmar Company for failing to comply with the provisions under the law and the directives issued by the CBM.
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.
On 19 September 2023 too, the CBM revoked the money changer licenses of 123 companies.
