Published on Friday, 04 January 2013 16:48
Citizenship Security Cards, Myanmar citizens’ identity cards, are pawned in outskirts of Yangon region, a pawnshop owner in suburb area of Yangon region told the Eleven Media Group.
Finding an agent to assist them, one who wants to pawn the identity cards has to pay the agent 10 per cent of the total loan.
“We got 50,000 kyats (US$ 52) by pawning the identity cards and we had to pay the agent 5,000 kyats for helping us to pawn the card,” said a woman pawned her identity cards.
Commonly pawned subjects in rural areas of Yangon are gold, clothes and household materials, while among all the pawned items, people in outskirt areas redeem only gold.
The interest rate varies depending on the pawned subject – 3 kyats of interest rate for gold, 10 kyats for clothes and other household things. The loan money is also different with the kinds of clothes, ranging from 300 kyats to 500 kyats (less than one dollar).
Today pawning is less seen than before, not because families’ economic situation has improved but because they have nothing more to pawn, according to a pawnshop owner.
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