Myanmar junta detains gold traders for ‘unlicensed transactions’

The move comes as demand for gold grows amid concerns about the ongoing depreciation of the kyat and rampant inflation

Myanmar’s military regime arrested five gold traders and shut down seven shops and other businesses on Tuesday for allegedly engaging in unauthorised transactions, according to the country’s junta-controlled central bank.

In a statement released on the day of the arrests, the Central Bank of Myanmar said that action was taken against the traders for “violation of rules and regulations of the gold trade,” including making unlicensed transactions.

The statement said the move came after the bank’s monitoring and steering committee on the gold and currency market carried out investigations targeting gold traders in Yangon and Mandalay, Myanmar’s two largest cities.

All five of the detained gold traders were taken into custody in Yangon, according to the statement.

The arrests had an immediate chilling effect on gold businesses in the city, according to a local goldsmith, who said the action was likely taken to stem the. . .

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