The Central Bank of Myanmar (CBM) has announced it will take action under the Foreign Exchange Management Law on illegal money changers for trading foreign currency without a money changer license issued by the CBM and the license holders if they do not sell at the set price.

In order for Myanmar citizens to keep international payment cards (debit card and credit card as well as small amounts of cash) and to prevent illegal money changers to manipulate the market price, the money changer counters of Yangon International Airport and AD licensed banks are selling approximately 300 to 500 dollars in foreign currency (equivalent in foreign currency) at the online trading rate plus ten kyats per US dollar announced daily by the CBM for those who will work abroad, those who will go for medical treatment, and those who will go to study abroad from May 31, 2023, those who attend the meeting at the invitation of the government of foreign countries and the associations from August 18, 2023.

The list of counters that can be purchased by AD licensed banks is announced with detailed information on the banks' websites and Facebook pages, and the announcement that they are being sold is also announced on the CBM website, www.cbm.gov.mm.

It is available for purchase at AD licensed bank branches, which are being sold under the above-mentioned petty cash program, and if the petty cash is not enough, Myanmar citizens can use the foreign currency they need abroad using international payment cards such as debit card and credit cards.

If it is found that foreign currencies are being traded without a money changer license issued by the CBM, and money changer license holders, who do not sell at the specified price, will be prosecuted under the Foreign Exchange Management Law, the CBM warned.