Myanmar’s textile industry is incurring losses due to greenback appreciation, according to the Myanmar Textile Entrepreneurs Association. The value of US dollar rose from Ks1,500 in early September to Ks1,650 on September 20. Some textile units have suspended sales and will resume after the situation returns to normal, said association secretary Yin Yin Moe.
The extent of losses cannot be accurately measured, a Myanmarese newspaper report quoted Moe as saying.
Local companies have also stopped recruitment and some garment units have temporarily suspended workers. (DS)
Fibre2Fashion News Desk – India