Two allies of Myanmar's junta chief have been jailed for 20 years for "high treason" including corruption and abuse of power, the military said on Tuesday.

Moe Myint Tun and Yan Naung Soe were "sentenced to twenty years imprisonment, equal to a life sentence" by a military court, according to a statement from the junta's information team.

Moe Myint Tun -- former chief of Myanmar's investment commission and head of the body regulating foreign exchange -- had committed "high treason by... taking bribes", it said.

He had been found "receiving bribes from companies" and "possessing foreign currencies illegally".

Last month a military source told AFP that Moe Myint Tun -- viewed in some circles as a protege of junta chief Min Aung Hlaing -- was under investigation for corruption.

The same month he was removed from the ruling State Administration Council -- as the junta calls itself.

Yan Naung Soe is a former joint secretary of the junta-stacked trading committee.

The statement did not say when the men had been sentenced.

Myanmar's economy has slumped since the military's 2021 power grab, with the local kyat currency plunging against the dollar and business sentiment and forex reserves hammered by roiling conflict and sanctions.

The official exchange rate for the kyat is currently just over 2,000 per dollar, but in recent months the greenback has fetched up to 3,600 on the black market.

Authorities revoked the licenses of 166 money changers between March to September, for failing to comply with central bank regulations, state media reported last month.

AFP