India – Myanmar starts Rupee Kyat Trade between both nations

Partha Roy, Kolkata: Indian and Myanmar has started trade in their national currencies Indian Rupee and Myanmarese Kyat to boost trade as well as to promote ease of doing business between both countries.

Indian Embassy in Myanmar in collaboration with India-Myanmar Chamber of Commerce (IMCC), organized an awareness programme on Rupee – Kyat Trade Settlement Mechanism.

Indian Ambassador in Myanmar Shri Vinay Kumar and Governor of Central Bank of Myanmar Ms. Daw Than Than Swe held discussion and interactions with traders , merchant chambers & others to spread awareness on rupee-kyat payment mechanism in bilateral trade between two nations at India Center in Yangon on 9th February 2024.

Senior officers of the Ministry of Commerce, Ministry of Planning & Finance of Myanmer and UMFCCI attended the program. India is fourth largest export market of Myanmar and sixth largest import partner of Myanmar. Approximately, 200 people across Myanmar participated.

Representatives of the Punjab National Bank, CB Bank and UAB Bank, Myanma Economic Bank (MEB) appraised the participants about the technical and operational details of the mechanism. Payment operated through Special Rupee Vostro Account (SRVA). Payment mechanism through national currencies will benefit traders in multiple ways.