Myanmar Military Council’s lawsuit against two foreign exchange companies

The Central Bank of the Military Council announced on May 3 that it had suspended the licenses of two foreign exchange companies for six months for violating the Foreign Exchange Management Law.

Foreign exchange companies such as Money King Co., Ltd. and Wakema Trading Co., Ltd. had their work permits suspended. RFA attempted to contact the company whose license was suspended, but was unable to do so because the device was turned off.

A currency operator, who did not wish to be named for security reasons, said the measure was taken to control foreign currency exchange on external markets without going to banks.

“You want to control the foreign currency that is scattered outside the main bank.Recently, foreign currency no longer goes to banks, because it has gone to foreign exchange operations.Even if you want dollars, you often buy them from exchanges. .”

Today, May 6th, the external market price has risen to 3,960 kyats per dollar.

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

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

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