11 February 2024
A ceremony of the awareness program on the Rupee-Kyat Trade Settlement Mechanism was held at the India Centre in Yangon on 9th February.
Governor of the Central Bank of Myanmar, DawThan ThanSwe also highlighted that the new mechanism will apply to both sea and border trade, covering trade in goods as well as services. This was followed by an insightful explanation of representatives from Punjab National Bank, CB Bank, and UAB concerning the technical and operational aspects of the mechanism.
India stands as one of Myanmar’s major trade partners, ranking 4th in exports and 6th in imports. This initiative aims to streamline trade processes, fostering greater efficiency and collaboration between the two nations.
In his opening remarks, Indian Ambassador to Myanmar, Shri Vinay Kumar, urged the business community to utilize the mechanism through direct invoicing to reduce transaction costs and avoid complications associated with foreign countries and currencies.
At the ceremony, Governor of CBM Daw Than Than Swe, Indian Ambassador H.E Shri Vinay Kumar, chairman of UMFCCI and se, vice chairman of India-Myanmar Chamber of Commerce Mr. Rajeev Rawal and members, and officials of Working Committee on Ensuring Smooth Flow of Trade and Goods were attended.
