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Fruit traders transfer money via bus terminal due to bank withdrawal restriction

General Secretary U Kyaw Soe Naing of the Myanmar Mango Market and Technology Development said that fruit traders transfer money through bus terminals due to money withdrawal restriction from the bank. Earlier, the banks were convenient to deposit and withdraw money. Now, the banks have restricted the withdrawal of cash. Thus, the traders build a strong relationship with the passenger bus drivers and send the money with them, he added. This year, people face a financial crisis. The banks do not allow the clients to transfer the money.

So, they are sending the money through passenger buses. If they want to transfer the money, they cannot use the bank anymore, and we they to transfer money via the bus station. Further, more than thousands of mango loaded trucks are stranded in the Kyin San Kyawt checkpoint on the Myanmar-China border. As a result, the quality of Myanmar mangoes exported to China is declining, and the prices are also dropping dramatically. Previously, if the traders sent the fruits today, the fruits were ready to sell tomorrow. It is an only one day trip.

Now, it takes four or five days on the way to the checkpoint. They are selling the fruits which need to be fresh. The export of Seintalone mango to China has plummeted as China has closed some checkpoints because of COVID-19. Their inspection of the products is taking a longer time than previously. Last year, Seintalone mangoes fetched around 120 Yuans-130 Yuans per 16 kg basket. But this year, the price of Seintalone mangoes dropped down to under 100 Yuans per 16 kg basket. Currently, Myanmar has been exporting around 10 or 15 mango loaded trucks to China daily. Those mangoes are from Sagaing and Katha townships, according to the association.

Source: The Global New Light of Myanmar

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