The Central Bank of Myanmar organized a briefing on the rupee and kyat trade settlement mechanism to start rupee/kyat direct payment using the Special Rupee Vostro Account (SRVA) for bilateral trade between Myanmar and India in Nay Pyi Taw on 26 January. In her discussion, the CBM Governor Daw Than Than Swe said the following points;
- The CBM is working for boosting the bilateral trade with neighboring countries; facilitating the bilateral transaction statistics; reducing the use of US dollars as well as exchange rate risk; and promoting the use of local currency.
- Moreover, the guideline for payment procedures under the Special Rupee Vostro Account (SRVA) has already been released, and the payment can be made starting February.
- Implementing such activities, requirement of US dollars can be reduced for medicine and goods mainly imported from India; payment can be facilitated for trade; flow of goods will be vividly strengthened and bilateral relations will be better.
The meeting was attended by Deputy Governors of CBM, joint-secretary of Central Committee smooth flow of trade and flow of goods, senior officials of Department of Trade of Ministry of Commerce, Internal Revenue Department, Customs Department and Myanma Economic Banks, members of work committee on Rupee/Kyat direct payment and responsible persons of designated banks, it is reported.
Source: Myawady Daily Newspaper (27-12-2021)
- The CBM held meeting on Rupee/Kyat trade settlement mechanism for India-Myanmar bilateral trade on 26 January.
- The guideline for payment procedures under the Special Rupee Vostro Account (SRVA) has already been released, and the payment can be made starting February.