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  Mizzima News


Bank crisis takes toll on traders in India and Burma

13 March, 2003 (www.mizzima.com)

Guwahati: In a bid to solve the ongoing bank crisis, traders in Burma have convened a meeting in the border town Tamu. Several Indian traders have been invited for the meeting set to be held by next week. Export and import between the countries has been affected to a large extent due to closure of banks in Burma .

Reportedly, only a small quantity of goods amounting to Rs 10,000 kyat are allowed to cross the border, causing severe problems for the traders."Moreover we are yet to receive pending dues from Burmese traders despite repeated requests", Indian traders reported. They also revealed that Burmese traders are unable to complaint to the authorities, fearing punishment from the junta.

The bank crisis started in Burma last month, following the withdrawal of money by some private firms which resulted in the closure of some leading banks of the country. The Burma Economic Bank located in Tamu, for instance, was closed down, causing severe loss to traders in Burma and India. Burmese traders are reportedly demanded that "both governments should take urgent steps in this regard".

The Namphalang market - which is said to be the backbone of Burmese economy - is in dire straits in view of the bank crisis. A section its traders have already closed down their business due the crisis. A senior officer of the government of  Manipur (north east India) reported having taken up the matter with the Indian Commerce ministry for an early solution.

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