Taxation of tissue-culture banana exportation to China shifts from Kyat to Yuan payment

Taxes levied on tissue-culture bananas are changed to Yuan payment from the local currency from 28 November.
Earlier, taxes were collected in Kyat payment for exports of tissue-culture bananas to China through the Kampaiti border. The currency for taxes has been changed to Yuan from 28 November.
The Central Bank of Myanmar gave the green light to the direct Yuan/Kyat trade for cross-border transactions. From 28 November, 2.36 Yuan was imposed on tissue-culture banana exports.
The value of trade on the Kampaiti border amounted to US$1.881 million in the second week of November, with exports worth $1.575 million and imports worth $0.306 million, the Ministry of Commerce’s statistics showed.
In the first week of November, 76 truckloads of tissue-culture bananas (1,900 tonnes) were exported to China via the Kampaiti border. The tissue-culture banana season commenced in November. So, the export volume was higher in November than that in October.
The main export items on the Kampaiti border is tissue-culture banana, while iron baskets, engines, machines, equipment, steel and related goods, wire, plastic raw materials, cotton, clothes and other consumer goods are imported into the country.
Myanmar Heng Ya Investment Development Company is implementing the construction projects of the Kampaiti economic zone for a five-year term, with the approval of the Myanmar Investment Commission. — TWA/GNLM