MT News
The importers and exporters will be informed as soon as the instructions and approval of banking system are received, Daw Than Than Swe, governor of Central Bank of Myanmar, said.
The Central Bank of Myanmar organized a meeting on procedures to implement Rupee/Kyat direct payments for India-Myanmar trade with governmental departments, state-owned banks and private banks in Nay Pyi Taw on 4 April.
Moreover, it will take into account the fact of the Rupee/Kyat direct payment system for normal trade in addition to border trade, she added.
Myanmar successfully implemented the Yuan/Kyat and Baht/Kyat direct payment on border trade with China and Thailand, The Rupee/Kyat payment Concept Paper approved by the Reserve Bank of India to be conducted by Myanmar and India with the cooperation of the Indian Embassy in Myanmar, designation of Punjab National Bank, India, as a designated bank to carry out Special Rupee Vostro (SRV) account of Myanmar banks, advantages for bilateral trade and payment methods approved by the central banks of two countries.
During the meeting, the officials from private banks and heads of departmental offices discussed matters related with rupee/kyat direct payment system processes.
