Central Bank of Myanmar (CBM) has issued a notification dated August 27 warning that effective actions will be taken against online businesses which are illegally buying and selling foreign currency in accordance with the foreign exchange management law.

With intent to stall the progress of the country’s economy and increase anxiety among the public, illegal online news media are reporting that foreign currency exchange rate will be higher and shortage of fuel oil will take place, thereby contributing to fuel price hikes.

CBM is discussing with the banks and fuel oil importers to get foreign currencies easily in order to reduce fuel prices. Moreover, CBM is working together with respective ministries which are supporting the country’s economy mainly.

CBM stated that public needs no panic concerning the instigation of illegal news media and therefore, online businesses which are doing business in illegally buying and selling foreign currencies will be taken action seriously.

At present, the United States’ central bank is continuously raising interest rates and its further announcement on increasing interest rates made U.S dollar stronger but other foreign currencies weaker.

Most of the world’s nations are adopting a management system to have strong currency and for the development of their countries’ economy through tax relief and foreign reserved money.

Because of the changes in the world’s fuel prices and imbalance in trade, it is stated that CBM is striving for the development of economy and to have stability in its currency, by setting trade and currency policies.