Muse, July (31)
The China-Myanmar border trade has almost stopped due to restrictions imposed by the military council that payments for the export of agricultural products such as beans, corn and oilseeds must be made only in dollars, the traders told Than Lwin Times.
The authorities said that the sale of agricultural produce that will be exported through the border trade zones must be carried out in dollars starting July 1, and the previous bank receipt must be presented for further export.
“There is less commodity exchange in border trade. There were approximately 40 cargo trucks during the pandemic, but there are now only 10 to 20 trucks at the border trade,” according to one trader.
In the past, Thai baht and Chinese yuan were used for payment for the respective border trade in exporting agricultural produce.
The military council has now instructed the traders to sell agricultural produce in dollars as specified by the central bank.
The businessmen are suffering losses because there is a big gap between the price of the exchange rate of 1850 Kyats per dollar set by the junta and the open market.
The military council also stated that the export of pulses, maize, sesame, groundnuts, and oilseeds from the border will be allowed to export only if the traders submit an export license along with proof of telegraphic transfer (TT) starting July 14.
Through border trade zones, Myanmar exports the majority of its agricultural produce to Thailand and China, and imports basic foodstuffs, pharmaceuticals, cosmetics, and construction materials from there.
News – Than Lwin Times
