Military council revokes license of 10 more foreign exchange agents

Military council has revoked the license of 10 more foreign currency exchange agents.

"The central bank pointed out that we have not followed the guidelines. Can it set the US dollar at the daily market price? I want to ask the central bank,” said one businessman, whose license was
revoked.

The central bank under the military council revoked licenses of 20 foreign currency exchange agents on 17 March.

Now it has done the same for another ten companies and agencies whose licenses were revoked on 12 July.

The punished agencies include Kannan trading company limited, Net Change Co.Ltd, Thiri Aung Si trading Co.Ltd,  Riverwood group Co.Ltd and  Global Myanmar services Co.Ltd.

In addition to them, D-Gold trading Co.Ltd,  Aurum Image Co.Ltd, Hi welcome travel & tours Co.Ltd. Sweeties Pearls Co.Ltd and Chase travels & tours Co.Ltd have also lost their licenses.

The central bank clarified that the revocation of their license was done due to non-compliance with the orders and instructions issued by it.

After the military generals seized power in February 2021, the value of the Burmese currency (Kyat) has decreased drastically and hence the foreign exchange rate is gradually increasing.

Currently, the foreign market price for 1 US dollar is more than Kyats 3000 in military ruled Myanmar.