BSI interrogates some suspected currency manipulators

Bureau of Special Investigation (BSI) is interrogating some individuals who are suspected of manipulating US dollars along Shwebonetha Street in Yangon, said Aung Myo, Director of the BSI.

“Today, the BSI interrogates some people according to the directives in connection with the currency manipulation. The department will continue investigating people the next day. The department will release more details about it later,” he added.

On September 24, the authority inspected four dollar manipulators, said a currency trader from Shwebonetha Street. Shwebonetha Street is a famous strip in Yangon where gold, gemstones and dollar are traded. It later became known as a dollar trading center which controls dollar price nationwide.

A person who sold dollar said: “Banks asks for national registration cards to buy dollars. It is very difficult to transfer about 200 dollars. Here the purchase and sale of about 30,000-40,000 dollars is regarded as small changes.”

Zaw Htay, Director-General of Myanmar President’s Office said at a press conference that actions would be taken against currency manipulators. The government would deal with the inflows and outflows of white and black money effectively.

“For instance, some people are intentionally carrying out currency manipulations for their interests. There may be a reason behind the case. I heard the news that some people resell re-export permits. The government is trying to confirm it. We can continue doing it only after getting the facts on the ground. There are only a handful of people who sell and buy dollars in large volumes in the market. In the past, the government arrested them. Then, the situation returned to normal. The incumbent government doesn’t want to do it and will not do it,” Zaw Htay said.

On September 23, the value of a US dollar hit Ks1,595. The central bank sold out US$ 1.3 million and its reference rate was Ks1,590.

Source: Eleven Myanmar

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