Central Bank of Myanmar:The use of Thai baht and Myanmar kyat for direct payment at Myanmar-Thai border

Central Bank of Myanmar issued notification dated March 3 on the use of Thai baht and Myanmar kyat for direct payment at Myanmar-Thai border.

CB stated that in its effort to facilitate bilateral trade, flow of goods, payment and settlement system and to promote the use of local currency according to the objectives of Asean financial integration, Central Bank of Myanmar allowed the use of Thai baht and Myanmar currency kyat for direct payment at Myanmar-Thai border.

According to the statement, the importers and exporters who will carry out cross-border trade can open their bank accounts at the designated banks.

Those designated banks must follow guidelines on the process of direct payment in baht/kyat during transaction in bilateral trade.

Similarly, CB issued notification on December 14, 2021 on the use of Chinese Yuan and Myanmar kyat for direct payment at Myanmar-China border.

 

Sources: https://elevenmyanmar.com/news/central-bank-of-myanmarthe-use-of-thai-baht-and-myanmar-kyat-for-direct-payment-at-myanmar-thai