The Central Bank of Myanmar (CBM) organized a meeting to discuss procedures for the implementation of Rupee/Kyat direct payments for India-Myanmar trade with governmental departments, state-owned banks and private banks in its Zabu Thiri Hall in Nay Pyi Taw on 4 April.
The meeting was attended by the governor and vice-governors of the Central Bank of Myanmar, the joint secretary of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the director-general of the Trade Department under the Ministry of Commerce, officials of the Customs Department, state-owned banks and private banks. During the meeting;
- The officials discussed the exploration of Rupee/Kyat payment Concept Paper following the cooperation between Indian Embassy in Myanmar and a working committee on the implementation of Rupee/Kyat payment system under the lead of CBM comprising representatives of Ministry of Foreign Affairs, Ministry of Planning and Finance, Ministry of Commerce, state-owned banks, State Bank of India, Punjab National Bank and Yangon Representative Office. It was also approved by the Reserve Bank of India.
- Punjab National Bank, India, has been set as a designated bank to carry out Special Rupee Vostro (SRV) account of Myanmar banks.
- Advantages can be gained over bilateral trade and payment methods approved by the central banks of two countries were also discussed.
The CBM Governor Daw Than Than Swe said, it will take into account the fact of the Rupee/Kyat direct payment system for normal trade in addition to border trade. Importers and exporters will be informed as soon as the instructions and approval of banking system are received and then, the meeting was concluded.
Source: Myawady Daily Newspaper (5-4-2023)
- The Central Bank of Myanmar (CBM) organized a meeting to discuss procedures for the implementation of Rupee/Kyat direct payments for India-Myanmar trade with governmental departments, state-owned banks and private banks in its Zabu Thiri Hall.