Myanmar Kyat exchange rate reaches record low

13 Sept 12:53 Key points summarised by AI

Myanmar Kyat (MMK) plummeted to a record low of 3,400 MMK/US$1 and 100 MMK/฿1 on August 27th.
Gold bullion prices simultaneously surged to an unprecedented high of over 29 Lakhs MMK per Kyattha.
The currency's depreciation is attributed to recent monetary changes, a severe shortage of foreign currency, and the US Federal Reserve's announced interest rate hike.
Citizens are converting their MMK into stronger currencies or tangible assets like real estate and vehicles due to the Kyat's rapid weakening and ongoing money printing.
Authorities have summoned major gold market players to address and monitor the escalating gold and currency prices amidst Myanmar's persistent political and socio-economic instability.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.