Myanmar’s military government has tightened up on foreign exchange trading by taking action against illegal remittance services and imposing online trading between licensed banks and customers to prevent kyat depreciation following the recent US sanctions on two state-owned banks.
The Central Bank of Myanmar announced on late Friday actions are being taken against 51 individuals, three companies, some gold shops and gold refineries for conducting illegal foreign remittance activities without any license. It warned of legal actions against speculators who intend to profit from illegal foreign exchange trading and remittances under the Anti-Money Laundering Law and the Foreign Exchange Management Law.
