Bank officials who failed to report the business transaction to Open Society Myanmar which opened bank accounts at the Small and Medium Enterprise Development-SMEDB, Bank will be taken action according to the Central Bank of Myanmar dated March 11.
The bank SMEDB is in Wardan Street and Anawrahta Street in Yangon, Myanmar. In open society Myanmar’s foreign bank account, among the US$ 5 million sent from abroad, US$ 1.4 million was exchanged into Myanmar currency 1,999,900,000 and bank manager Phyu Pa Pa Thaw from open society Myanmar withdrew that amount on February 8, the statement said.
The foreign currency deposit and withdrawal of SMEDB bank didn't report to the Central Bank of Myanmar and so action will be taken to SMEDB, Bank, it stated.
