The Indo-Myanmar money exchange market has crashed affecting Burmese currency from January 2009. It has caused difficulties for most traders in the Indo-Myanmar border areas which have a market in Mizoram state, India.

The earlier exchange rate was Rs. 1 is to Kyat 28, but now it has gone down to Kyat 18. This has caused problems for most of the traders who are totally dependant on exchange rates.

“Most of the traders cannot do business as we are depending on money exchange. At the same time, the prices of goods in Chin State have not changed. But now the exchange rate is very low here. We have to wait for sometime,” said a trader.

Although it’s difficult to figure out the exact number of traders whose business is stagnant most middle and small traders are lying low except for big traders.

At the same time, because of a halt in trading most stevedores are jobless in Tiau village on the Indo-Myanmar border trade No. 2, said a local stevedore.

“We are facing serious problems in trade here in the border areas. Business has fallen and we don’t have our normal job. We have to do other jobs,” he added.

There are an estimated 100 traders into Indo-Myanmar trade. Most of them deal in Chinese items like plastic goods, household things, foods and other items.

Burmese traders collect goods from the Chin border on a payment system and then go to Mizoram state, India for selling these items. But they have to wait to get paid by the dealers or agents in Mizoram state as they are into an installment system, said a trader.

“When we give our goods to a shop they never pay us in full. We have to wait till it is convenient for them. It could take a month or more.  Meanwhile, we have to incur lots of expenditure as house rent and for food.  Now the money exchange rate is also down and it’s a hard time for us,” said a trader in Aizawl, Mizoram state.