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.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here