Home MMBIZ News Myanmar's State-run Banks Now Subject to Same Fees for Forex Licences

Myanmar’s State-run Banks Now Subject to Same Fees for Forex Licences

The state-owned banks will now be required to pay the same fees paid by private banks for foreign currency exchange licences in a bid to “promote equality”, according to the Central Bank of Myanmar.

Previously, state-owned banks had to pay lower licence fees of K500,000 ($500) for foreign exchange privileges, compared to the K2,000,000, plus additional costs such as licence renewal or extension fees, charged to private banks.

Starting from July 1, state-owned banks, private banks, hotels and other businesses holding foreign exchange licences is charged the new rates for applications, renewals, late applications or licence extensions.

These will include up to K2,000,000 ($2,000) start-up fees for holders of foreign exchange dealer licences, with a K 300,000 ($300) renewal cost every five years, with an additional fee of K50,000 ($50) for every month if the fee payment is late.

Dealers wishing to expand their foreign exchange licences must also pay an additional K-1,100,000 fee.

Non-bank groups holding money changer licences will now be charged a K-1,000,000 ($1,000) start-up fee while private banks and hotels who wish to change money must pay K200,000 for their licence.

Non-bank businesses with foreign exchange licences were previously exempted from being required to renew their licences.

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