The Central Bank of Myanmar (CBM) announced its ongoing efforts to identify and take action against 12 Facebook groups, 5 Facebook pages, and 10 individual Facebook account holders involved in the illegal purchase, sale, and exchange of foreign currency through social networks.

In its statement, the CBM highlighted its measures to stabilize foreign exchange rates and prevent speculative trading. 

These include providing foreign currency to importers through online trading platforms and enabling individuals traveling abroad for medical treatment, education, pilgrimage, or employment purposes to access small amounts of foreign currency via private bank exchange counters.

The CBM is also enforcing compliance with the Foreign Exchange Management Law and its directives by inspecting licensed currency exchange counters and cracking down on unlicensed traders.

In collaboration with the Ministry of Home Affairs and law enforcement agencies, the CBM is investigating individuals suspected of operating illegal currency trading networks, including those involved in "Hundi" operations. 

The investigations extend to scrutinizing bank accounts and transactions to identify and prosecute violators.

So far, authorities have filed cases against 9 individuals, prosecuted 6 under existing laws, and continue to take legal action against others. 

The CBM reiterated its commitment to intensifying efforts to hold accountable individuals and organizations engaging in unauthorized foreign currency trading and exchange.