Myanmar’s military government is cracking down on gold and foreign exchange traders and agents selling foreign real estate, with 35 arrests announced in the last two days as part of efforts to stabilise its rapidly depreciating currency.
State media said these include five people charged with illegally selling condominium units in Thailand and 14 people arrested for allegedly destabilising the foreign currency exchange rate.
The kyat currency hit a record low last week, plummeting to around 4,500 per dollar on the black market, according to five foreign exchange traders.
Black market rates for the kyat have for years been significantly higher than the reference rate of Myanmar’s central bank, currently set at 2,100 kyat per dollar.
“The government is working towards the stability of the country and the rule of law,” the Global New Light of Myanmar newspaper said on Tuesday (Jun 4), carrying photographs of over a dozen suspects.
“Security organisations have taken action against business people engaged in speculation to hinder the country’s economic development,” it said.
Another 21 people have been arrested for allegedly destabilising gold prices, the newspaper reported on Monday.
