Rupee-Kyat payment to be formulated for enhancing Myanmar-India bilateral trade
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Khit / Yoon (NP News) – April 6
To enhance the domestic monetary circulation in bilateral trade between Myanmar and India, the payment system of direct #Rupee_Kyat is expected to be formulated soon.
A discussion on the related issue was held at the Central Bank of Myanmar's Zabu Thiri Hall on April 4th.
Myanmar has successfully installed Yuan-Kyat and Baht-Kyat direct payment systems in the border trades with neighboring countries, China and Thailand.
Therefore, Rupee-Kyat direct payment system is also expected to formulate between Myanmar and India bilateral trade so as to improve the domestic monetary system, according to the discussion.
At present, the system of direct payment between two currencies has been approved by the Central Bank of India; and the Indian Punjab National Bank is designated to operate Special Rupee Vostro for Myanmar banks.
The upcoming formulating payment system is expected to use not only for border trade but also for the regular trading.
According to the meeting, the implementation plans of Rupee-Kyat direct payment will be informed to exporters and importers when directives and instructions for the banking industry have been approved by authorities.