Many companies that are allowed to trade in foreign currency are being closed down by the military council. Recently, the Military Council revoked the licenses of 123 companies that were allowed to sell foreign currency, including the Sedona Hotel. Therefore, the number of foreign currency trading companies whose licenses were revoked by the Military Council increased to (166) within four months. Previously, only more than 200 companies were allowed to trade in foreign currency. Now the exchange counters are open, but there is no sale or purchase at the rate of the military council. Although the Central Bank of the Military Council has given the reason for revoking the license due to non-compliance with orders and directives, the Military Council wants to control the right to sell private foreign currency. The military generals want to control the dollar and want to close all the dollar trading counters in the country. The currency exchange business will become the way it will be allowed to operate without those related to them.
Therefore, the military council wants to allow only banks that they can easily control to operate the exchange business, and they are finding fault with the private exchange counter businesses and canceling them. The military council has set one dollar at 2100 kyats and is pressuring them to sell at that price. In the external market, one dollar is around 3,400 kyats.
