Myawaddy, Sept (1)
All border trade has almost stopped after the value of foreign currency has risen due to the restrictions imposed by the military council, according to the traders.
The dollar, baht, and yuan are the main foreign currencies used in border trade, and their prices have gone up in the last week of August.
The exchange rates have risen to record highs of more than 4,000 kyats per US dollar, 100 kyats per Thai baht, and 500 kyats per Chinese yuan, respectively.
According to a border trader, the export of items other than those that are essential has ceased as a result of the spike in the value of foreign currencies, with about 70 percent of the flow of goods halted.
According to traders, all border trade may cease soon or the flow of goods may be entirely disrupted if the recent surge in the value of foreign currencies cannot be controlled.
Given that the flow of goods has significantly diminished as a result of the foreign exchange crisis, the price of goods will surge more with a reduction in stockpiles, resulting in a shortage of commodities, the border traders said.
Myanmar mainly exports agricultural products to China, Thailand, India, Laos, and Bangladesh through border trade zones and imports basic food, medicine, cosmetics, consumer goods, and construction materials.
News – Than Lwin Times
Thanlwintimes