Legal action for illegal trade in foreign currencies, cash payments in exchange for bank deposits through percentage

Myanmar will take action against those carrying and trading foreign currencies illegally and those who hold cash exchange the kyats deposited in the bank account by taking a percentage, according to the Gold and Financial Markets Overseeing Working Committee.

The committee announced that complaints could be lodged against those who involve in committing acts that could undermine financial market stability, such as illegal handling and trade of foreign currency, those who do not comply with the payment restrictions of the Central Bank of Myanmar in trading and transferring property such as real estate and motor vehicles, those who issue cash deposited in banks at a percentage, and those who hold cash exchange the kyats deposited in the bank account by taking a percentage.

The committee is formed to ensure the stability of gold and financial markets in the country.

The vice governor of the Central Bank serves as chairman and Deputy Minister for Commerce U Nyunt Aung as secretary while Police Brigadier General Myu Thu Soe as chairman of the subcommittee.

 

Source:https://elevenmyanmar.com/news/legal-action-for-illegal-trade-in-foreign-currencies-cash-payments-in-exchange-for-bank