June 8, 2024
During a junta meeting on June 7, military leader Min Aung Hlaing expressed anger over the surging prices of gold and foreign currencies. He instructed subordinate military officers to take effective measures to control the situation, according to reports.
Min Aung Hlaing stated that the skyrocketing prices were unacceptable and attributed the economic instability to business owners manipulating currency values. He mentioned that necessary investigations were being conducted and accused both domestic and foreign actors of attacking the country’s economy. He also highlighted ongoing investigations into the use of illegal funds to purchase properties abroad.
On June 3, following an unauthorized sales exhibition of Thai condos at the Sedona Hotel in Yangon, several individuals involved in buying and selling condos were arrested. Reports emerged that Yoma Group owner Serge Pun and eight directors were detained for questioning over financial transactions facilitated by Yoma Bank.
Additionally, 39 hundi operators engaged in large-scale currency trading, including US dollars and Thai baht, were also arrested. Their mobile money accounts were frozen, and assets were seized. While unconfirmed reports suggest that some gold merchants’ shops and homes were confiscated, the junta has not officially commented on these actions.
The Central Bank of Myanmar, under the junta’s control, announced that from January to May, it sold over USD 176 million, THB 1.5 billion, and CNY 40 million through online trading platforms for import and export businesses.
