Myanmar to revoke forex service licenses

Nay Pyi Taw, Oct 18 (IANS) The Bank of Myanmar will revoke foreign exchange accepter and holder licenses starting next Monday in a bid to control fluctuation in exchange rate, said an announcement of the bank published on Sunday.

Such license holders are set to return their licenses to the bank by November 30, Xinhua news agency reported.

The businesses and associations covered by the announcement include hotels, travel agencies, restaurants, duty-free shops, airlines, hospitals, foreign forwarders, communication businesses and business companies.

The central bank attributed the dollarisation and higher demand in the US dollar to allowing the use of dollar currency in local trading and services that has caused instability of the exchange rate.

Meanwhile, Myanmar currency kyat continued to weaken against the US dollar in their exchange recently trading at 1,280 kyats per US dollar as strong demand for the dollar persisted.

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