Authorities detained a person selling foreign currencies through the social networking site Facebook, and the Central Bank of Myanmar (CBM) issued a notification on August 31that people making illegal sales of foreign currencies, including dollars, will be arrested.

According to the statement, it was found that through Facebook pages such as "Dollar Buy/Sell Market and News" and "Euro Dollar Trading Group", are being illegally traded at various prices above the official price.

These transactions are illegal transactions and do not comply with the Foreign Exchange Management Law, and the relevant law enforcement agencies are investigating and taking action as necessary.

According to Section 9 of the Foreign Exchange Management Law, foreign currency trading activities in the state can only be carried out by foreign currency trading license holders, and they are only allowed to trade foreign currency cash and traveller's checks.

Article 15 of the Foreign Exchange Management Law states a resident is entitled to hold foreign currency up to US$10,000 or foreign currencies not exceeding its equivalent within 6 months from the date of receipt. The foreign currencies that have not been used for more than 6 months must be sold and exchanged at the official price with those who have the license to operate foreign currency business or added to the bank account.

On August 28, 2023, a person selling US dollars through the Facebook page was arrested and detained along with the identification materials, and necessary investigations are ongoing.

In addition, the public is advised to make a declaration of the foreign currencies they bring with them when they return to Myanmar from abroad, and to exchange and sell foreign currencies only to licensed foreign currency trading license holders.