- US Dollar hikes but temporarily, Central Bank says
- Myanmar hardwoods to be exported to EU only in 2015
- Thai cement imported via Myawady Border
- Import license requirements dropped for about 600 goods
- Myanmar makes potential surveys for transport development with JICA assistance
- Myanmar’s low-cost SIM card reaches 500,000 kyats
- Low-cost GSM to sell in June
- Korean firm, military-owned conglomerate joins partnership for garment business
- Energy giants desire transparent governance in Myanmar
- Effect of Cyclone Mahasen: Yangon’s commodity prices up
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.