TRADERS IN MYANMAR NOT ALLOWED TO BUY PADDY WITH MYANMAR CURRENCY
Maungdaw, 13(?) February 02
stepped up its sale of paddy to Bangladesh
through the border for earning foreign currency in recent months, our
correspondent writes from Maungdaw.
The military junta of Myanmar
is selling paddy to the traders who want to export it to Bangladesh
legally in exchange of hard cash in US dollar, and not in Myanmar
kyat, the official currency. The paddy of one tonne
of paddy stands at US $ 61 [the paddy of one tinn
(32 kg) of paddy is US $ 1.95] when bought by enlisted traders from the Myoma paddy depot at Kanyin-chhaung,
one and half mile north of Maungdaw on the eastern
bank of the Naf river.
Every trader who wants to export paddy to Bangladesh
is required to make an advance deposit of 10
percent money of the paddy of the paddy to be exported in US dollars to the military regime's coffer. Each trader
has to pay the amount before each transaction is completed. Only the Myanmarese traders who have
contacts with the paddy traders from Bangladesh
and who have good relations with the military authority can carry out the
business, transporting and exporting the paddy to Teknaf
and Hnila on the Bangladesh
side of the Naf river.
Paddy stored by the state authority is brought to the centre in large motor
boats from such destinations as far as Bathein (Pathein) of Ayeyawaddy division,
and Sittwe, Taungup, Kyaukpyu, and Thandwe from Rakhine State.
The military regime gives a paddy of US $ 12.50 for one tonne
of paddy to the paddy growers, while it
sells the same at US $ 61 to the enlisted exporters from its sales depot at Maungdaw.
One month ago the paddy of one tonne of paddy in Kyauktaw and its neighbouring areas within Rakhine state was kyat 15,000 while now the paddy stands at
about kyat 30,000 (US $ 40). At present the unofficial exchange
rate of the US
$ in Rakhine
State is kyat 750, which has a
tendency to steadily increase as days go on. #