Briefing Held on Commencement of Rupee/Kyat Direct Payment for Bilateral Trade between India and Myanmar

The briefing on launching the rupee/kyat direct payment system for bilateral trade be­tween India and Myanmar was held at the India Centre at the corner of Shwe Bon Thar St. and Merchant St. in Yangon on 9 February.  

The Central Bank of My­anmar Governor Daw Than Than Swe talked the following matters;

• The dialogues were held between the Indi­an Embassy and RBI through diplomacy between the two countries for the rupee/kyat direct payment system in bilateral trade.
• India is ranked as the fourth largest export market and the sixth largest import partner of the country, one of the largest trade partners with Myanmar.
• Among the ACU member countries, India is the largest trade partner with Myanmar. Thus, payment goes into operation after the release of Guideline for Spe­cial Rupee Vostro Account (SRVA).
• As a result, payment system becomes strengthened that support the state’s economy and improve bilateral relations between the two countries.
• Merchants can apply for payment and clearance using rupee and it can be official­ly used through the banking system.

Then, Pun­jab National Bank, CB Bank and UAB Bank, designated banks for rupee/kyat direct payment, explained Rupee/Kyat trade Settlement Mechanism and, the attendees questioned and discussed about the matters what they want to know.

The occasion was attended by CBM Governor Daw Than Than Swe, Indian Ambassador to Myanmar H.E. Shri Vinay Kumar, chairman and secretary of UMFCCI, CBM directors-generals, of CBM, Vice-president and members of the India-Myanmar Chamber of Commerce, relevant departments and organizations, and representatives of Pun­jab National Bank, CB Bank and UAB Bank, it is reported. 

Source: MWD (10-2-2024)

• India is ranked as the fourth largest export market and the sixth largest import partner of the country, one of the largest trade partners with Myanmar.
• As a result, payment system becomes strengthened that support the state’s economy and improve bilateral relations between the two countries.
• Merchants can apply for payment and clearance using rupee and it can be official­ly used through the banking system.