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#MYANMAR #Foreign #exchange #licences to be #revoked

October 19, 2015

The Central Bank of Myanmar has announced that it would revoke its Foreign Exchange Acceptor and Holder Licences on October 19 (Monday).

An exchange counter in Yangon. (Photo-Aung Myo Thant/EMG)

An exchange counter in Yangon. (Photo-Aung Myo Thant/EMG)

Win Thaw, deputy director general, announced that dollarisation, the high demand for dollars and the kyat’s depreciation might harm the exchange rate further.

The bank said government bodies, private organisations and companies must use the kyat for all payments to prevent instability.

It aims to encourage the use of the kyat for all payments and develop debit and credit cards, internal payment cards and online payments to reduce the use of cash.

The exchange licences issued by the bank’s foreign exchange management department would no be longer valid.

Hotels, restaurants, duty-free shops, airlines, hospitals, freight dealers, telecommunication companies, all retailers and services will be affected by the new rules.

Currently, the market value of a dollar is around Ks1,300. On October 16, the central bank’s reference was Ks1,284.

The deadline for turning in licences is November 30. CR. ELEVEN MEDIA MYANMAR

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