The Central Bank of Myanmar (CBM) revoked the licenses of six foreign currency exchange companies for failing to comply with regulations.

These companies were New World Financial Group of Co., Ltd, G.S.T Travels & Tours Co., Ltd, Prima Win Co., Ltd, Great Jewel Star Co., Ltd, Shwe D P Co., Ltd and JMJ International Co., Ltd.

The CBM cited non-compliance with established rules and instructions as the reason for the revocations.

This action comes amidst the CBM's efforts to stabilize the foreign exchange market and exchange rate. They are currently developing an online trading platform for importers, exporters, and banks. Additionally, authorized currency exchange counters continue to provide foreign currency for travelers under CBM guidance.

To ensure compliance with the Foreign Exchange Management Law, the CBM is conducting random inspections of exchange counters. They have vowed to strictly enforce the law to achieve a stable and strong foreign currency market.