Jan 5, 2013

Myanmar's first foreign exchange service launched by non-financial firm

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.

Source: Eleven Media Group