Myanmar extends currency exchange service to private firms

Myanmar's Central Bank has authorised non-financial private firms to operate as currency exchange providers.

The bank on December 3 announced that to be eligible, the applicant must have at least 30 million kyats (US$35,100) as the authorised starting capital and deposit it in a foreign account with an authorised bank.

The applicant must also submit a project proposal that proves there is potential for the business in the local market, how the public can be served, and the expected income and profit.
The companies will be operating in compliance with the Foreign Currency Management Act and the Control of Money Laundering Law.
Anyone interested can now apply with the central bank, authorities said.

 

source: Eleven Myanmar

http://www.elevenmyanmar.com/business/1593-myanmar-extends-currency-exchange-service-to-private-firms