Myanmar junta cracks down on companies buying condos in Thailand

The move is seen as part of an ongoing effort to keep money in the country as the kyat continues its precipitous decline in value

Myanmar’s military regime has made multiple arrests targeting companies and individuals accused of illegally transferring money abroad to purchase condominiums in neighbouring Thailand.

On Monday, junta-controlled state media reported the arrest of Aung Kyaw Tun, the director of the Minn Thu Company, a real estate agency involved in selling high-end condos in Thailand to Myanmar nationals.

Three people who purchased units through the company were also arrested, while its general manager, Min Thu Kyaw, had absconded, according to the reports.

The move comes as the regime faces a growing crisis over the steady slide in the value of the country’s national currency, the kyat, since it seized power in February 2021.

According to a recent report by Australian economist Sean Turnell, the kyat is now trading at about a quarter of its pre-coup value, falling below 5,000 kyat to the US dollar for the. . .

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