Published on Friday, 04 January 2013 16:45
Foreign exchange service in Myanmar run by a non-financial private company is now available in Yangon, the commercial hub of the country, according to sources.
Farmer Phoyazar Company, a non-financial private business, started to provide foreign exchange service on January 1.
"Currently there are two over-the-counter services available at Chatrium Hotel and Bo Myat Tun Street [in Yangon]. Thirteen more are coming next. We focus on trouble-free services for customers such as foreigners and local staff," said Myo Htwe, the executive director of the company.
Myanmar's Central Bank has authorised non-financial private firms to offer currency exchange services since December.
The central bank on December 3 announced that 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.
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