Myanmar junta arrests dozens in bid to stabilise currency
Myanmar's junta has intensified its crackdown on gold and foreign exchange traders, as well as agents involved in selling foreign real estate, announcing 35 arrests over the past two days.
State media reports indicate that among those arrested are five individuals charged with illegally selling condominium units in Thailand and 14 people accused of activities that allegedly destabilized the foreign currency exchange rate.
Last week, the kyat currency reached a record low, plummeting to around 4,500 per dollar on the black market, as reported by five foreign exchange traders. The black market rates for the kyat have consistently been much higher than the official reference rate set by Myanmar's central bank, which currently stands at 2,100 kyat per dollar.
Additionally, 21 individuals have been arrested for their alleged role in destabilizing gold prices.
Myanmar, a Southeast Asian nation with approximately 55 million residents, has been in a state of political and economic turmoil since a military coup in 2021 ousted an elected civilian government, disrupting a decade of tentative democracy and economic reform.
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