Unstable currency exchange rates have
led to the losses in the livestock and fisheries sectors, as a result
business owners are finding it difficult to repay debts to banks.
“Due to the turbulence in currency
exchange rate which has led to capital loss, they have deferred
repayment of debts owed to the Ministry of Livestock-Fisheries,” Than
Lwin, chairperson of Myanmar Fisheries Federation said on December 11,
during the meeting of federation.
He said that prices as well as volume of
fishery product exports have been stable over the past two years. Local
consumption also has been stable. But a 10 per cent tax on exports has
led to a loss of 500 kyats per vice (US$ 0.6 per 1.63kg.) It was a big
loss for the fishery industry.
The state is still owed thirty-five
billion Kyats by 154 fisheries business owners. Parliament has ordered
the government to recover the debts by the end of 2013.
According to Than Lwin, the fishery
sector is generally not doing well. The businesspersons will definitely
settle their debts in any way. Using their tangible resources and
experiences, they will try to repay debts. But unless we help them, they
will stagnate and fail, he said.
The Lending Ministry of the
Livestock-Fisheries Bank and others, and fisheries businesses are facing
one-third capital loss because of currency exchange fluctutations.
Win Kyaing, secretary of Myanmar
Fisheries Federation said that the debts owed to private banks is
unknown, and private banks confiscate fish farms to get back their
money.
source: Eleven Myanmar
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