CBM suspends one forex licence for six months upon non-compliance

The Central Bank of Myan­mar suspended the licence of one money changer compa­ny, Myanmar Sunflower, on 8 April as it failed to comply with the rules, guidelines and directives issued by the CBM.

That company, granted a money changer licence (CBM FEMD 156/ 2013) on 7 October 2013, was found to violate Section 22 of the For­eign Exchange Management Law. Therefore, the licence was subject to a six-month cancellation.


CBM also revoked li­cences of six forex companies starting from 5 April 2024 for non-compliance.


CBM notified revocation of 14 money changer licences and suspension of 11 in March 2024 for non-compliance with the CBM’s rules and direc­tives.


CBM vowed to conduct surprise inspections at money changers in order to stabilize foreign exchange rates in line with the provisions stipulated in the existing laws, CBM an­nounced on 11 March.


CBM initiated an on­line trading market in which exporters, importers, and private banks are engaged, with a view to developing the market. Additionally, the au­thorized money changers sell the foreign currency as petty cash to those going abroad, according to CBM’s notifica­tion.


Moreover, the surprise visits are being undertaken at money changers to ensure they abide by the directives issued under the Foreign Exchange Management Law.


A combined team led by the Monitoring and Steer­ing Committee on Gold and Currency Market, comprising competent authorities from CBM, Yangon City Develop­ment Committee, the De­partment of General Admin­istration and law enforcement agencies, has been conduct­ing the surprise inspections. — NN/EM