Border Trade Sector: Expansion of Yuan/Kyat and Baht/Kyat usage

Deputy Governor of the Central Bank of Myanmar Daw Than Than Swe, Secretary of the Central Committee for Ensuring the Smooth Flow of Trade and Goods and officials discussed the expansion of Yuan/Kyat and Baht/Kyat usage in Myanmar-China and Myanmar-Thailand border trade.

The meeting focused on the expansion of the use of Baht/Kyat in Myeik and Kawthoung and the use of Yuan/ Kyat in Chinshwehaw.

The meeting discussed the establishment of a ground task force to work with state governments, local traders, Ministry of Commerce, Customs Department and banks and to implement standard of procedures and banking agreement fast in order to start the work in the first and second week of July.

Also, it discussed plans for Myanmar banks to accept remittances of Myanmar workers in Thai Baht through Thai banks in Thailand and issue them to their parents and relatives in Myanmar.

Within the Yuan/Kyat pilot period, from January 2022 to the third week of June 2022, export revenue was 197.464 million Yuan, import payment was 77.699 million Yuan, making the surplus 119.765 million Yuan. Within the Baht/Kyat pilot period, from March 2022 to the third week of June 2022, export revenue was 1,540.46 million Baht, import payment 1,137.95 million Baht, making the surplus 402.51 million Baht.

In addition, permission was granted for worker remittance, and revenue as of third week of June 2022, was 29.548 million Baht. Myanma Economic Bank, local private banks and Thai banks such as Siam Commercial Bank, Bangkok Bank, and Kasikorn Bank started the use of local currencies, Yuan/ Kyat/Baht in Myanmar-China and Myanmar-Thailand border trade. The use of Baht/ Kyat started in Myawaddy and Tachileik.