Iron and steel association attracts substitution of Yuan payment instead of Dollar
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NP News – May 29
Myanmar Iron and Steel Association (MISA) announced that licenses will be issued in priority if the payment system will be used with Yuan instead of dollar for the businesses related to iron and steel.
Only dollar was used in the payment system for import and export of iron and steel before. The Ministry of Commerce informed the MISA to substitute Yuan payment starting from 2023.
As per reports, Yuan payment will enhance for the better operations for the companies in the market.
Currently, the ASEAN countries are increasingly using Yuan. Substitution of Yuan payment is more convenient for the businesses, the businessmen reported.
“We are happy with Yuan payment. Previously, we, both exporters and importers must use the USD as directed by the Ministry of Commerce,” a businessman told NP News.
As per the MISA announcement, iron and steel businessmen are preparing to change the payment system from dollar to yuan at the time being.