Remittance services in China-Myanmar border temporarily suspended

Writer: 
Nilar

 

Remittance services in China-Myanmar border will be temporarily suspended on June 12 as issues arose between traders due to a freeze on bank accounts, according to merchants in Muse border.

Recently, the Chinese government has frozen bank accounts in a frequent manner in order to make investigations according to its laws, said merchants.

Money remittance services have already warned local merchants and entrepreneurs about the temporary suspension of their service.

Myanmar exports rice mostly to China via border trade routes. Rice prices usually decline when China makes a crackdown on rice exports. Myanmar officially exports rice to China but China has not designated it.

Khin Maung Lwin, assistant permanent secretary of Commerce Ministry said: “The Commerce Ministry will sign MoU with Yunnan province government to officially export rice, sugar, maize and other agro products in June. This is a bilateral trade. It has nothing to do with the quota.”