Myanmar 20240604: Turbulent, Fragmented, Steadfast

Mekong Memo Myanmar Weekly: Business, politics, finance, trade & legal news.

Jun 04, 2024

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Headlines:

Kyat Hits Record Low as Gold Prices Skyrocket

Nation Fragmenting, Not Falling Apart

Rebels May Beat Junta, But Not Chaos

Junta Ousts Economic Minister in Reshuffle

Foreign Fighters Complicate Regional Stability

Rare Earth Mining Wreaks Environmental Havoc

Targeting $805 Million in Aquatic Exports

Railways Built on Forced Labor and Pain

Fuel Tycoon to Aid Junta Oil Drilling

How Myanmar Has Become Hub for Cyber Scams

Civil War Spurs Global Crime Surge

EU Envoy on Myanmar’s Strategic Importance

Ma Thida: Navigating Democracy and Repression

Junta Struggles as Ethnic Armies Consolidate

Military Hero & Democracy Advocate Passes Away

Kyat Hits Record Low as Gold Prices Skyrocket

Myanmar's kyat is in freefall, trading at an all-time low of 5,020 per US dollar. Domestic gold prices have also hit a record high of 5.8 million kyats per tical. The junta-controlled Central Bank blames market manipulation and social media rumors for the crisis. Currency and gold traders have gone into hiding, fearing arrests. The economic turmoil, triggered by the 2021 coup, has impacted border trade and tripled consumer goods prices.

Nation Fragmenting, Not Falling Apart

The junta is losing control as Myanmar fragments, with ethnic armed groups and opposition forces gaining ground. The conflict has claimed thousands of lives and displaced over three million people. Ethnic groups now hold sway over large swathes of territory, especially along international borders. The article calls for greater international cooperation with nonstate groups to stabilize the region and bolster the diverse resistance. Pair this article with the next one.

Rebels May Beat Junta, But Not Chaos

Rebel forces are making strides against the junta, grabbing large territories and weakening the regime's grip. The National Unity Government is setting up parallel governance structures, delivering essential services in liberated areas. The country remains deeply fragmented, however, with more than 20 ethnic militias and local defense forces creating a fractured landscape. This lack of centralized authority is likely to prolong chaos, destabilizing the region and complicating efforts to achieve lasting national unity and peace. Read this article with the previous one.

Junta Ousts Economic Minister in Reshuffle

In a surprise move, the junta has dismissed Union Minister Aung Naing Oo, a big player in Myanmar's economic management and special economic zones. The 62-year-old, known for his unwavering military support and role in attracting foreign investments, was abruptly removed from his posts. This is the end of his more than two-decade civil service career, during which he made substantial contributions to funding the post-coup regime. The junta has not yet named his replacement.

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