The Central Bank of the military council announced that action will be taken if foreign currency is held without permission.
On August 20, the Central Bank of the Military Council announced that it will take action under the Foreign Exchange Management Law if it is found to have foreign currency without a license.
According to Article 15 of Circular No. 7/2014 on Foreign Exchange Management issued on September 30th, 2014, if you receive foreign currency that does not exceed ten thousand dollars or its equivalent, you are only allowed to hold it for six months. If it is not used for more than six months, it must be sold at the market price to foreign currency business license holders and entered into the bank account.
According to Section 9 of the Foreign Exchange Management Law, only those with a business license must engage in foreign currency trading, and only those with a license are allowed to sell travel tickets in foreign currency.
On August 9, at a meeting on payment for foreign trade held in Nay Pyi Taw, Daw Than Than Swe, the chairman of the central bank of the military council said that there will be action to be taken against those who write and talk about raising prices online and on social media regarding foreign currency exchange rates and illegal hundi activities. But on August 21, as of 10:30 a.m. this morning, the US dollar was trading at 3,700 kyats per dollar and the selling price was at 3,819 kyats per dollar, said a person who buys and sells dollars in Yangon, who did not want to be named for security reasons.
The Chairman of the Military Council, General Min Aung Hlaing, in a video message sent to the 11th International Security Conference (MCIS - 2023) held in Russia on August 15, accused some countries of using the dollar as a weapon.
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