By Hsu Latt Phyu - Jun 04, 2024
It is reported that 14 people, including foreign currency traders and brokers, have been arrested and investigated by the Junta and arrest warrants have been issued for another 11 people, who are said to be raising the exchange rate of foreign currency, including the US dollar.
State owned newspapers controlled by the Junta said the cause of arrest if because of foreign currency exchangers made propagandas and speculated through social media to destabilize the local exchange rate, licensed counters violated the Central Bank's rules and speculating to increase the foreign exchange rate and causing economic chaos.
A US dollar was worth around 4,500 kyats in the last week of May. The gold price was around 57 lakhs per kyat thar (16.6g). 21 famous gold shop and traders were arrested and 11 others are issued for warrant.
Currently, the Yangon Region Gold Industry Association has set a limit for all gold shops to sell 24 Karat gold per kyat thar (16.6g) at 4,800,000 kyats. A USD is pricing around 4,130 kyats to 4,200 kyats.
