Licensing Foreign Exchange Dealer
Licensing Foreign Exchange Dealer
Central Bank / April 19, 2018
Service Requirements
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.
License for Foreign Currency Trade Business
(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 License Fee |
Renewal Fees |
Fine (per month) |
Fees to Expand (per branch) |
|
2, 000,000 Kyats |
300, 000 Kyats |
50,000Kyats |
1,000,000Kyats |
(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:
1.For Trade Banks
|
Initial License Fee |
Renewal Fees |
Fine (per month) |
Fees to Expand (per branch) |
|
500,000 Kyats |
200, 000 Kyats |
50,000Kyats |
500,000Kyats |
2. For Non-bank Companies
|
Initial License Fee |
Renewal Fees |
Fine (per month) |
Fees to Expand (per branch) |
|
1, 000,000 Kyats |
200, 000 Kyats |
50,000Kyats |
500,000Kyats |
Website Address
http://www.cbm.gov.mm/content/issuing-foreign-exchange-dealer-licences