Myanmar 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.