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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Should l Buy ?
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.
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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.
