Yuan / Kyat Direct Payment: Four More Banks Granted For The Process

Four more designated banks have been granted to deal with Yuan / Kyat direct payment in trading at Myanmar and China border. 

The CB Bank PCL, Ayeyawady Bank, UAB Bank and Myanmar Apex Bank have been granted by the Central Bank of Myanmar for providing better services. The Central Bank of Myanmar has granted Yuan / Kyat direct payment in trading at Myanmar and China border in December last year, through Myanma Economic Bank (MEB), Bank of China Hong Kong Limited (BOC), Yangon Branch and the Industrial and Commercial Bank of China (ICBC) Limited, Yangon Branch.

The move aims to promote bilateral trade, to ensure swift flow of commodities, to have easy access of payment and clearance system, to prevent market manipulating by reducing the reliance on US dollar, to lay down economic plan through the statistics of bilateral trade and to promote the use of local currency.