Import licenses for Iron and Steel: Use the Chinese yuan in lieu of the US dollar

The Myanmar Iron and Steel Association (MISA) announced that import licenses for iron and steel will be given priority if iron and steel importers use the Chinese yuan in lieu of the US dollar.

About 92 percent of Myanmar's iron and steel needs are imported from abroad. About 3 million tons of iron and steel and it related products are imported every year. According to the Myanmar Iron and Steel Association (MISA), it is expected to increase by 5.4 million tons per year starting from 2030.

Previously, companies used only dollar to import and export iron and steel. Now, if they use Chinese currency instead of dollars to import iron and steel to domestic, priority will be given to obtaining a business license.In the past, only the US dollar was used for issuing iron and steel licenses in accordance with the permission of the Ministry of Commerce.

In 2023, the Department of Trade recommends that people use yuan instead of dollars. It is learnt that in setting the current business license, the yuan equivalent to the dollar amount can be changed.