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Issuing Foreign Exchange Dealer Licenses
Licensing Foreign Exchange Dealer
In accordance with the Foreign Exchange Management Law, Central Bank of Myanmar, Foreign Exchange Management Department Licenses Foreign Exchange Dealer. New License will be granted for 5 years duration. One month before the expiry, the license can be renewed by applying to do so. Foreign Exchange Dealer include:
(1) Authorized Dealer License (A/D)
Authorized dealer license means a bank holding a license issued by the Central Bank to deal in foreign banking including dealing in foreign exchange operations. This kind of License has been issued to State Owned Banks, Myanma Economic Bank, Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank, 19 Private Banks and 10 branches of Foreign Bank. The license Fees are as follows:
|
Initial Fees |
Renewal Fees |
Fine (per month) |
Fees to Expand (per branch) |
|
Kyats - 2,000,000 |
Kyats - 300,000 |
Kyats - 50,000 |
Kyats - 1,000,000 |
(2) Money Changer License (M/C)
Money changer license holder means a foreign exchange dealer holding a license issued by the Central Bank to conduct foreign exchange operations only in cash and travellers’ cheques. This License has been issued to Commercial Banks and Non-Bank Companies in accordance with the Foreign Exchange Management Law. The license Fees are as follows:
(a) Commercial Banks
|
Initial Fees |
Renewal Fees |
Fine (per month) |
Fees to Expand (per branch) |
|
Kyats - 500,000 |
Kyats - 200,000 |
Kyats - 50,000 |
Kyats - 500,000 |
(b) For Non-Banks
|
Initial Fees |
Renewal Fees |
Fine (per month) |
Fees to Expand (per branch) |
|
Kyats - 1,000,000 |
Kyats - 200,000 |
Kyats - 50,000 |
Kyats - 500,000 |