Myanmar's central bank revokes forex licences to control 'dollarisation'

Yangon

THE Central Bank of Myanmar (CBM) has revoked foreign exchange licences issued to hundreds of businesses ranging from hotels to hospitals, in a bid to control "dollarisation" and increase the value of the ailing kyat currency.

The CBM sent an official letter to the licence holders last week, a copy of which was seen by Reuters, telling them to return their licences between Oct 19 and 30.