Thursday, March 7, 2013

Forex licenses issued to private businesses in Myanmar

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Thursday, 07 March 2013 15:15 Mizzima News

People who want to exchange foreign currency fill out forms at an exchange counter in Thain Phyu in Yangon in October 2011. Anyone wishing to buy or sell more than US $2,000 had to complete a form stating reasons for the transaction. (Photo: Mizzima)

The Central Bank of Myanmar has issued money changer licenses to three private businesses, according to a report in the state-run newspaper The New Light of Myanmar on March 7.

A total of 18 private banks have been permitted to open 212 money exchange counters across the country since regulations were relaxed in 2011. Previously, only two state banks were allowed to conduct foreign exchange services.

A Foreign Exchange Certificate was introduced in 1993. In April 2012, Myanmar instituted a currency exchange system, replacing an artificial system established more than 20 years ago. The former exchange rate was around 6 kyat per US $1.

On March 7, the exchange rate was 862.5 kyat to $1.
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