IBOV 173,250.69 ▼ 0.27% IPSA 10,808.75 ▼ 0.71% IPC MEX 66,615.43 ▲ 0.39% MERVAL 3,196,287 ▼ 0.11% COLCAP 2,298.34 ▲ 0.58% BVL PERÚ 55,645.90 — — USD/BRL5.08▼ 0.51% USD/MXN17.43▼ 0.61% USD/CLP932.05▼ 0.31% USD/COP3,253▼ 0.14% USD/PEN3.39▲ 0.07% USD/ARS1,481▲ 0.17% USD/UYU40.19▼ 0.10% USD/PYG6,031▼ 0.03% USD/BOB10.75▲ 0.94% USD/DOP58.25▲ 0.02% USD/CRC447.35▲ 0.28% USD/GTQ7.62▼ 0.05% USD/HNL26.74— 0.00% USD/NIO 36.62 — 0.00% USD/VES735.09▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59— 0.00% USD/TTD6.73▼ 0.21% EUR/BRL5.80▼ 0.69% BRENT 88.11 ▲ 0.01% WTI 81.52 ▼ 1.18% IRON ORE 161.91 — — COPPER 6.34 ▲ 1.96% GOLD 4,019 ▲ 0.15% SILVER 57.30 ▲ 2.25% SOY 1,231 ▲ 2.16% CORN 475.25 ▲ 6.86% WHEAT 678.75 ▼ 0.59% COFFEE 324.85 ▼ 1.10% SUGAR 14.78 ▼ 0.34% ORANGE JUICE 143.15 ▲ 3.58% COTTON 78.88 ▲ 2.35% COCOA 5,509 ▼ 0.43% BEEF 222.63 ▼ 0.80% CATTLE 345.25 ▼ 0.20% LITHIUM 67.37 ▼ 1.48% PETR4 41.21 ▲ 0.76% VALE3 72.24 ▼ 0.96% ITUB4 42.40 ▲ 1.05% BBDC4 18.45 ▲ 0.87% ABEV3 15.75 ▲ 0.77% BBAS3 20.36 ▼ 0.63% B3SA3 15.37 ▲ 1.12% WEGE3 43.24 ▼ 0.89% PRIO3 58.21 ▲ 0.62% SUZB3 41.84 ▼ 0.21% RENT3 37.56 ▼ 1.75% AZZA3 18.45 ▼ 0.75% CSAN3 3.82 ▼ 0.52% RAIZ4 0.28 ▼ 3.45% PCAR3 2.58 ▼ 0.77% GMAT3 3.85 ▼ 0.77% PSSA3 54.96 ▼ 0.33% CVCB3 1.14 ▼ 6.56% POSI3 3.74 ▼ 1.58% SLCE3 13.58 ▲ 0.37% NATU3 8.66 ▲ 1.29% BRKM5 5.99 ▼ 3.23% RANI3 7.96 ▲ 0.13% CSNA3 5.06 ▲ 0.20% CMIN3 5.38 ▲ 0.94% USIM5 8.13 ▼ 1.22% GGBR4 23.79 ▼ 1.04% ENEV3 25.70 ▲ 0.08% CPFE3 46.20 ▼ 1.43% CMIG4 11.05 ▼ 0.63% EQTL3 39.41 ▼ 0.23% LREN3 13.42 — 0.00% VIVT3 35.70 ▲ 0.51% RAIL3 13.62 ▼ 0.58% KLABIN 17.44 ▼ 0.80% RAIA DROGASIL 18.70 ▲ 0.81% RDOR3 35.77 ▼ 0.03% HAPV3 11.48 ▲ 0.88% FLRY3 16.65 ▲ 0.36% SMTO3 15.53 ▲ 0.52% UGPA3 32.04 ▼ 0.09% VBBR3 34.51 ▼ 1.17% BBSE3 41.21 ▲ 0.22% BPAC11 56.28 ▲ 0.18% CURY3 30.63 ▼ 0.13% AERI3 2.02 — 0.00% VIVARA 22.02 ▼ 1.87% COMPASS 24.79 ▼ 0.36% VAMOS 3.10 ▼ 2.21% SANB11 26.91 ▲ 0.98% ASAI3 8.32 ▼ 2.12% SBSP3 29.35 ▲ 0.44% WALMEX 49.42 ▼ 0.14% GMEXICO 202.78 ▲ 1.09% FEMSA 226.98 ▲ 0.55% CEMEX 22.42 ▼ 1.36% GFNORTE 182.33 ▲ 0.55% BIMBO 59.80 ▲ 3.10% TELEVISA 9.76 ▲ 1.99% AMX 22.94 ▼ 0.26% GAP 381.57 ▼ 1.15% ASUR 274.75 ▼ 1.77% OMA 228.43 ▼ 0.95% KOF 181.69 ▲ 0.51% GRUMA 289.72 ▲ 1.13% KIMBER 38.94 ▲ 0.70% SQM-B 63,400 ▼ 3.13% COPEC 6,297 ▲ 0.76% BSANTANDER 76.69 ▼ 0.40% FALABELLA 5,775 ▼ 1.03% ENELAM 84.96 ▲ 1.09% CENCOSUD 1,994 ▼ 0.07% CMPC 1,066 ▼ 0.39% BANCO CHILE 187.58 ▼ 0.49% LATAM AIR 24.12 ▼ 2.58% YPF 78,150 ▲ 0.32% GGAL 7,830 ▼ 0.38% PAMPA 5,240 ▲ 1.35% TXAR 657.00 ▼ 1.05% ALUAR 952.50 ▲ 0.32% TGS 9,395 ▲ 0.27% CEPU 2,248 ▼ 0.71% MIRGOR 17,100 ▲ 1.33% COME 43.00 ▼ 1.92% LOMA NEGRA 3,500 ▼ 0.64% BYMA 295.25 ▼ 0.84% TELECOM ARG 4,090 ▼ 1.45% ECOPETROL 15.98 ▼ 0.68% BANCOLOMBIA 80.81 ▲ 0.49% GRUPO AVAL 4.93 ▲ 0.10% CREDICORP 389.39 ▼ 0.31% SOUTHERN COPPER 175.28 ▲ 1.62% BUENAVENTURA 29.58 ▼ 2.18% MERCADOLIBRE 1,853 ▲ 2.14% NUBANK 14.04 ▲ 3.27% XP 16.99 ▲ 1.92% PAGSEGURO 9.31 ▲ 2.99% STONE 11.29 ▲ 1.26% GLOBANT 32.07 ▼ 0.50% TECNOGLASS 46.27 ▼ 0.45% GAP AIRPORT 218.85 ▼ 0.93% ASUR 274.75 ▼ 1.77% OMA AIRPORT 104.45 ▼ 0.82% AMX ADR 26.25 ▼ 0.08% FEMSA ADR 130.02 ▲ 0.78% CEMEX ADR 12.85 ▼ 0.93% PETROBRAS ADR 18.16 ▲ 1.03% VALE ADR 14.17 ▼ 0.18% ITAU ADR 8.33 ▲ 1.59% SANTANDER BR 5.32 ▲ 1.43% AMBEV ADR 3.08 ▲ 1.49% CSN 1.01 ▲ 1.40% GERDAU 4.70 ▼ 0.53% LATAM ADR 51.61 ▼ 1.82% BTC 65,496 ▲ 1.24% ETH 1,897 ▲ 1.34% SOL 77.60 ▲ 1.63% XRP 1.11 ▲ 1.34% BNB 573.61 ▲ 0.56% ADA 0.17 ▲ 0.73% DOGE 0.07 ▲ 1.41% AVAX 6.60 ▲ 2.23% LINK 8.54 ▲ 2.02% DOT 0.82 ▲ 0.83% LTC 47.36 ▲ 0.68% BCH 217.34 ▲ 1.15% TRX 0.33 ▼ 0.46% XLM 0.19 ▲ 0.59% HBAR 0.07 ▲ 0.25% NEAR 1.98 ▲ 3.53% ATOM 1.49 ▲ 0.68% AAVE 89.55 ▲ 0.25% SELIC 14.25% EMBRAER 82.69 ▲ 1.15% EMBRAER ADR 64.90 ▲ 1.26% JBS 11.95 ▲ 0.34% JBS BDR 60.62 ▲ 0.70% MBRF3 14.78 ▼ 1.66% MBRFY 2.89 ▼ 0.69% INTER 5.56 ▲ 3.54% EGX 53,126 ▲ 1.08% USD/ZAR16.51▼ 0.21% USD/NGN1,376▼ 0.20% NIKKEI 64,141 ▼ 4.03% CSI300 4,598 ▲ 1.53% HSI 25,143 ▲ 2.36% NIFTY 24,239 ▼ 0.39% KOSPI 6,516 ▼ 4.46% JCI 6,232 ▲ 0.91% USD/JPY162.54▲ 0.07% USD/CNY6.76▼ 0.30% DAX 24,847 ▲ 0.06% CAC 8,340 ▲ 0.02% FTSE 10,525 ▼ 0.71% MIB 51,863 ▼ 0.04% IBEX 19,207 ▼ 0.05% STOXX 639.60 ▼ 0.30% EUR/USD1.14▼ 0.08% GBP/USD1.34▼ 0.22% SPX 7,486 ▲ 0.38% DJI 52,014 ▼ 0.25% NDX 28,878 ▲ 1.00% RUT 2,958 ▼ 0.13% TSX 35,200 ▼ 0.18% VIX 17.81 ▼ 5.11% USD/CAD1.41▲ 0.31% US10Y 4.5940 ▲ 1.17% IBOV 173,250.69 ▼ 0.27% IPSA 10,808.75 ▼ 0.71% IPC MEX 66,615.43 ▲ 0.39% MERVAL 3,196,287 ▼ 0.11% COLCAP 2,298.34 ▲ 0.58% BVL PERÚ 55,645.90 — — USD/BRL 5.08 ▼ 0.51% USD/MXN 17.43 ▼ 0.61% USD/CLP 932.05 ▼ 0.31% USD/COP 3,253 ▼ 0.14% USD/PEN 3.39 ▲ 0.07% USD/ARS 1,481 ▲ 0.17% USD/UYU 40.19 ▼ 0.10% USD/PYG 6,031 ▼ 0.03% USD/BOB 10.75 ▲ 0.94% USD/DOP 58.25 ▲ 0.02% USD/CRC 447.35 ▲ 0.28% USD/GTQ 7.62 ▼ 0.05% USD/HNL 26.74 ▲ 0.00% USD/NIO 36.62 — 0.00% USD/VES 735.09 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.36% USD/TTD 6.73 ▲ 0.96% EUR/BRL 5.80 ▼ 0.69% BRENT 88.11 ▲ 0.01% WTI 81.52 ▼ 1.18% IRON ORE 161.91 — — COPPER 6.34 ▲ 1.96% GOLD 4,019 ▲ 0.15% SILVER 57.30 ▲ 2.25% SOY 1,231 ▲ 2.16% CORN 475.25 ▲ 6.86% WHEAT 678.75 ▼ 0.59% COFFEE 324.85 ▼ 1.10% SUGAR 14.78 ▼ 0.34% ORANGE JUICE 143.15 ▲ 3.58% COTTON 78.88 ▲ 2.35% COCOA 5,509 ▼ 0.43% BEEF 222.63 ▼ 0.80% CATTLE 345.25 ▼ 0.20% LITHIUM 67.37 ▼ 1.48% PETR4 41.21 ▲ 0.76% VALE3 72.24 ▼ 0.96% ITUB4 42.40 ▲ 1.05% BBDC4 18.45 ▲ 0.87% ABEV3 15.75 ▲ 0.77% BBAS3 20.36 ▼ 0.63% B3SA3 15.37 ▲ 1.12% WEGE3 43.24 ▼ 0.89% PRIO3 58.21 ▲ 0.62% SUZB3 41.84 ▼ 0.21% RENT3 37.56 ▼ 1.75% AZZA3 18.45 ▼ 0.75% CSAN3 3.82 ▼ 0.52% RAIZ4 0.28 ▼ 3.45% PCAR3 2.58 ▼ 0.77% GMAT3 3.85 ▼ 0.77% PSSA3 54.96 ▼ 0.33% CVCB3 1.14 ▼ 6.56% POSI3 3.74 ▼ 1.58% SLCE3 13.58 ▲ 0.37% NATU3 8.66 ▲ 1.29% BRKM5 5.99 ▼ 3.23% RANI3 7.96 ▲ 0.13% CSNA3 5.06 ▲ 0.20% CMIN3 5.38 ▲ 0.94% USIM5 8.13 ▼ 1.22% GGBR4 23.79 ▼ 1.04% ENEV3 25.70 ▲ 0.08% CPFE3 46.20 ▼ 1.43% CMIG4 11.05 ▼ 0.63% EQTL3 39.41 ▼ 0.23% LREN3 13.42 — 0.00% VIVT3 35.70 ▲ 0.51% RAIL3 13.62 ▼ 0.58% KLABIN 17.44 ▼ 0.80% RAIA DROGASIL 18.70 ▲ 0.81% RDOR3 35.77 ▼ 0.03% HAPV3 11.48 ▲ 0.88% FLRY3 16.65 ▲ 0.36% SMTO3 15.53 ▲ 0.52% UGPA3 32.04 ▼ 0.09% VBBR3 34.51 ▼ 1.17% BBSE3 41.21 ▲ 0.22% BPAC11 56.28 ▲ 0.18% CURY3 30.63 ▼ 0.13% AERI3 2.02 — 0.00% VIVARA 22.02 ▼ 1.87% COMPASS 24.79 ▼ 0.36% VAMOS 3.10 ▼ 2.21% SANB11 26.91 ▲ 0.98% ASAI3 8.32 ▼ 2.12% SBSP3 29.35 ▲ 0.44% WALMEX 49.42 ▼ 0.14% GMEXICO 202.78 ▲ 1.09% FEMSA 226.98 ▲ 0.55% CEMEX 22.42 ▼ 1.36% GFNORTE 182.33 ▲ 0.55% BIMBO 59.80 ▲ 3.10% TELEVISA 9.76 ▲ 1.99% AMX 22.94 ▼ 0.26% GAP 381.57 ▼ 1.15% ASUR 274.75 ▼ 1.77% OMA 228.43 ▼ 0.95% KOF 181.69 ▲ 0.51% GRUMA 289.72 ▲ 1.13% KIMBER 38.94 ▲ 0.70% SQM-B 63,400 ▼ 3.13% COPEC 6,297 ▲ 0.76% BSANTANDER 76.69 ▼ 0.40% FALABELLA 5,775 ▼ 1.03% ENELAM 84.96 ▲ 1.09% CENCOSUD 1,994 ▼ 0.07% CMPC 1,066 ▼ 0.39% BANCO CHILE 187.58 ▼ 0.49% LATAM AIR 24.12 ▼ 2.58% YPF 78,150 ▲ 0.32% GGAL 7,830 ▼ 0.38% PAMPA 5,240 ▲ 1.35% TXAR 657.00 ▼ 1.05% ALUAR 952.50 ▲ 0.32% TGS 9,395 ▲ 0.27% CEPU 2,248 ▼ 0.71% MIRGOR 17,100 ▲ 1.33% COME 43.00 ▼ 1.92% LOMA NEGRA 3,500 ▼ 0.64% BYMA 295.25 ▼ 0.84% TELECOM ARG 4,090 ▼ 1.45% ECOPETROL 15.98 ▼ 0.68% BANCOLOMBIA 80.81 ▲ 0.49% GRUPO AVAL 4.93 ▲ 0.10% CREDICORP 389.39 ▼ 0.31% SOUTHERN COPPER 175.28 ▲ 1.62% BUENAVENTURA 29.58 ▼ 2.18% MERCADOLIBRE 1,853 ▲ 2.14% NUBANK 14.04 ▲ 3.27% XP 16.99 ▲ 1.92% PAGSEGURO 9.31 ▲ 2.99% STONE 11.29 ▲ 1.26% GLOBANT 32.07 ▼ 0.50% TECNOGLASS 46.27 ▼ 0.45% GAP AIRPORT 218.85 ▼ 0.93% ASUR 274.75 ▼ 1.77% OMA AIRPORT 104.45 ▼ 0.82% AMX ADR 26.25 ▼ 0.08% FEMSA ADR 130.02 ▲ 0.78% CEMEX ADR 12.85 ▼ 0.93% PETROBRAS ADR 18.16 ▲ 1.03% VALE ADR 14.17 ▼ 0.18% ITAU ADR 8.33 ▲ 1.59% SANTANDER BR 5.32 ▲ 1.43% AMBEV ADR 3.08 ▲ 1.49% CSN 1.01 ▲ 1.40% GERDAU 4.70 ▼ 0.53% LATAM ADR 51.61 ▼ 1.82% BTC 65,496 ▲ 1.24% ETH 1,897 ▲ 1.34% SOL 77.60 ▲ 1.63% XRP 1.11 ▲ 1.34% BNB 573.61 ▲ 0.56% ADA 0.17 ▲ 0.73% DOGE 0.07 ▲ 1.41% AVAX 6.60 ▲ 2.23% LINK 8.54 ▲ 2.02% DOT 0.82 ▲ 0.83% LTC 47.36 ▲ 0.68% BCH 217.34 ▲ 1.15% TRX 0.33 ▼ 0.46% XLM 0.19 ▲ 0.59% HBAR 0.07 ▲ 0.25% NEAR 1.98 ▲ 3.53% ATOM 1.49 ▲ 0.68% AAVE 89.55 ▲ 0.25% SELIC 14.25% EMBRAER 82.69 ▲ 1.15% EMBRAER ADR 64.90 ▲ 1.26% JBS 11.95 ▲ 0.34% JBS BDR 60.62 ▲ 0.70% MBRF3 14.78 ▼ 1.66% MBRFY 2.89 ▼ 0.69% INTER 5.56 ▲ 3.54% EGX 53,126 ▲ 1.08% USD/ZAR 16.51 ▼ 0.07% USD/NGN 1,376 ▼ 0.18% NIKKEI 64,141 ▼ 4.03% CSI300 4,598 ▲ 1.53% HSI 25,143 ▲ 2.36% NIFTY 24,239 ▼ 0.39% KOSPI 6,516 ▼ 4.46% JCI 6,232 ▲ 0.91% USD/JPY 162.59 ▲ 0.15% USD/CNY 6.7564 ▼ 0.17% DAX 24,847 ▲ 0.06% CAC 8,340 ▲ 0.02% FTSE 10,525 ▼ 0.71% MIB 51,863 ▼ 0.04% IBEX 19,207 ▼ 0.05% STOXX 639.60 ▼ 0.30% EUR/USD 1.1416 ▼ 0.26% GBP/USD 1.3420 ▼ 0.24% SPX 7,486 ▲ 0.38% DJI 52,014 ▼ 0.25% NDX 28,878 ▲ 1.00% RUT 2,958 ▼ 0.13% TSX 35,200 ▼ 0.18% VIX 17.81 ▼ 5.11% USD/CAD 1.4060 ▲ 0.30% US10Y 4.5940 ▲ 1.17%
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Monday, July 20, 2026

Myanmar’s Military Runs An Election, But The Country Isn’t Buying It

By · December 29, 2025 · 2 min read

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Key Points

  • The military has started Myanmar’s first nationwide vote since 2020, but it is being staged in phases amid conflict and tight controls.
  • The main opposition from the last election cycle is absent, and criticism of the process can lead to arrest.
  • What happens next will shape sanctions, refugee flows, and how Asian powers deal with a fractured state.

Myanmar’s generals are trying to turn a ballot into a seal of approval. On December 28, voting began in the first stage of the country’s first general election since 2020, covering 102 townships.

Two more rounds are scheduled for January 11 and January 25, and officials have signaled that results should be announced in early 2026.

Polling opened at 6 a.m., and in many places authorities used electronic voting machines—an image of modern procedure set against a country that is anything but orderly.

Myanmar’s Military Runs An Election, But The Country Isn’t Buying It. (Photo Internet reproduction)
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The official pitch is a “return to multi-party democracy.” The deeper reality is that Myanmar is still fighting a civil war that has splintered control across the map.

Millions have been displaced—about 3.6 million by recent estimates—meaning entire communities are trying to survive, not debate manifestos. An election in that setting cannot function as a national referee.

Then there is the missing protagonist. The National League for Democracy, which won a sweeping mandate in 2020, has been dissolved and is not competing.

Polls Proceed Amid Intimidation and Low Turnout

Aung San Suu Kyi remains imprisoned. With the best-known civilian vehicle removed, the contest tilts toward military-linked parties, especially the Union Solidarity and Development Party, which is widely expected to dominate.

The rules around speech do the rest. A new election law has been used to arrest more than 200 people accused of undermining the vote.

International monitors and rights groups argue the process is neither free nor fair, while the UN human rights office has warned of intimidation and repression around participation—pressure that can come from the authorities and from armed groups opposing them.

Early signals are not encouraging. Reports from the first phase described muted campaigning and thin turnout in places, as many people stayed home out of fear, exhaustion, or boycott calls.

Even a clean count cannot solve a legitimacy problem when large areas are outside the process. Why should readers far away care? Because a “mandate” changes policy.

Recognition, sanctions, and aid pathways hinge on whether governments believe Myanmar has a real civilian authority.

And because instability travels: displacement and conflict feed cross-border pressures, illicit trade routes, and strategic competition among major Asian powers that prefer engagement over isolation.

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