November 16, 2017

China government to reopen accounts of Myanmar merchants

Myanmar merchants clarify quality of export goods including sugar, maize and rice.

Yunnan Provincial government agreed that Myanmar merchants’ bank accounts in Yunnan Province which were terminated will be reopened after scrutiny.
Myanmar businessmen trading with Chinese merchants in the Muse border area opened the accounts at banks in Yunnan Province in order to create a smooth and quick system of trading and payment. But the government of Yunnan Province recently prohibited use of all the bank accounts of Myanmar merchants because some account holders were suspected of illegal trade and drug trafficking, said U Chan Thar Oo, the secretary of Muse Commodity Depot.
“All of the accounts that were suspicious were closed. The export of sugar, maize and rice are legally allowed to trade by our side, whereas those goods are illegitimate to flow into
China by the China government, resulting in termination of bank accounts”, U Chan Thar Oo said.
The accounts of 22 merchants, members of the Muse commodity depot, were terminated.
In order to reopen the bank accounts, the type of bank account and account number with the copy of banking book should be submitted to the Muse District Administrative office by 24th March.

 

Phyo Lwin Aung (AMIA)

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