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MYANMAR – 123 foreign currency exchange companies’ licenses are said to be revoked by the junta council with the excuse of not following the junta council’s regulated foreign currency management rules and central bank’s directions as per the announcement on the junta-controlled state newspaper on Wednesday (September 20).
The alleged rules violated by the companies who had their licenses revoked were not described clearly.
Though the junta council had revoked licenses of foreign currency exchange businesses in previous months, this time, it was a mass revoking of over 120 companies at once.
In addition, over one dozen travel and tour companies, service companies, trading and construction companies were reportedly included in the stated revoking licenses case.
Meanwhile, after local currency rate has dramatically slid down and American dollar exchange rate has remarkably risen, the junta council has been revoking the license often.
Moreover, there were over 40 foreign currency exchange companies that had their licenses revoked by the junta council’s central bank during the past six months of 2023.
Including the latest round of revoking the licenses of over 120 companies, over 160 companies’ licenses of foreign exchange currencies had been revoked by the junta council.