Narinjara news


TRADERS IN MYANMAR  NOT ALLOWED TO BUY PADDY WITH MYANMAR CURRENCY  

Maungdaw, 13(?) February 02 : 
Myanmar 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.  #