Myanmar junta arrests 11 for inflating rice prices, including Japanese national
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jul 01 2024
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Source: reuters
- Arrests of Supermarket Executives in Myanmar: Four executives, including a Japanese joint venture official, were arrested for selling rice at inflated prices in Myanmar.
- Accusations of Price Inflation: Authorities accused 11 individuals, including rice traders and officials, of inflating rice prices by 31%-70% from prescribed levels.
- Japanese National Questioned: A Japanese national is being questioned by police in Yangon, with the Japanese government seeking his early release and offering support.
- Economic Challenges in Myanmar: The country faces widespread poverty, labor shortages, and a depreciating currency, making it difficult to conduct business.
- Junta Crackdown on Currency Stabilization: The ruling junta in Myanmar has been arresting individuals involved in gold, foreign exchange trading, and selling foreign real estate to stabilize the depreciating currency.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
