Myanmar junta arrests dozens in bid to stabilise currency

Myanmar junta arrests dozens in bid to stabilise currency

In an effort to stabilize its rapidly depreciating money, Myanmar’s military government has announced 35 arrests in the last two days for foreign exchange investors and agents selling overseas real estate.

These include five persons accused of illegally selling condo products in Thailand, according to state media, and 14 people who were detained for allegedly destabilizing the foreign exchange rate.

According to five foreign trade investors, the kyat dollar hit a record low next week, falling to around 4,500 per money on the black business.

The kyat’s research rate, which is already set at 2, 100 kyat per dollar, has long been substantially higher than the kyat’s on-black market exchange rate.

The Global New Light of Myanmar newspaper, which included images of over a dozen suspects, stated on Tuesday ( Jun 4 ) that” the government is working towards the stability of the country and the rule of law.”

According to the statement,” Security organizations have taken action against firm people who engaged in debate to impede the country’s economic development.”

According to the newspaper’s report from Monday, another 21 people have been detained for supposedly stifling metal costs.