CBM Notification: Baht/Kyat direct payment is allowed on Thai-Myanmar border

The Central Bank of Myanmar issued Notification 5/2022 on Thursday. It stated that the CBM has hereby issued this notification exercising the power conferred under Sections 17 and 22 of the Foreign Exchange Management Law.

The Baht/Kyat direct payment is allowed on the Thai-Myanmar border to boost bilateral trade between Thailand and Myanmar, to facilitate smooth flow of goods, to make easy access to cross-border payment between the two countries and to promote local currency in line with the objectives of ASEAN Financial Integration.

The exporters and importers are allowed to open baht accounts at the designated banks for cross-border trade. Therefore, the designated banks are required to adhere to the guidelines for the direct use of Baht/Kyat on the Thai-Myanmar border. This notice shall take effect from the date of the issuance.