Government cracks down on currency speculation and illegal foreign exchange

Government cracks down on currency speculation and illegal foreign exchange
Published 4 June 2024

The State Administration Council has taken decisive action against individuals involved in destabilizing the foreign exchange market in Myanmar. 

A total of 14 unauthorized foreign exchange dealers and brokers have been arrested and questioned. 

Following interrogations, it was revealed that 11 businesspeople orchestrated activities to undermine the foreign exchange market.

 Law enforcement agencies are actively investigating these individuals in accordance with the law, although some are currently evading arrest. 

The government remains committed to stability and the rule of law, targeting businesspeople engaged in speculation that hinders economic development. 

Additionally, money changers who violated Central Bank regulations have also been targeted. The 14 accused of destabilizing the domestic foreign currency exchange rate will face effective prosecution.