License suspension: Money changer faces 3-month license suspension

The work license of Family Moe Paing Money Changer was suspended for three months for violating the Foreign Currency Management Law, according to the statement of the Central Bank of Myanmar.

Moreover, the five exchange counters of Family Moe Paing Company in Bahan and Kyauktada townships were also suspended from selling and exchanging foreign currencies.

The company received the work license in August 2013 and was suspended for three months starting 19 September 2022 under Section 35 for breaching the Foreign Exchange Management Law Section 22.

The Foreign Exchange Management Law Section 22 stated that the authorized person to deal in foreign exchange license shall comply with provisions of this law and rules, regulations, by-laws, notifications, orders, directives and procedures and instructions of the license issued by this law.