Rupee/Kyat direct payments: CBM held meeting on procedures to implement

The Central Bank of Myanmar organized a meeting on procedures to implement Rupee/Kyat direct payments for India-Myanmar trade with governmental departments, state-owned banks and private banks in Nay Pyi Taw on Tuesday with the attendance of the governor and vice-governors of the Central Bank of Myanmar and other senior officials.

During the meeting, the officials discussed the successful implementation of Yuan/Kyat and Baht/Kyat direct payment on border trade with China and Thailand, plans to implement Rupee/Kyat direct payments for India-Myanmar trade, formation of a working committee on the implementation of Rupee/Kyat payment system under the lead of Central Bank of Myanmar comprising representatives of Ministry of Foreign Affairs, Ministry of Planning and Finance, Ministry of Commerce, state-owned banks, State Bank of India, Punjab Nation Bank and Yangon Representative Office.

It also focused on the Rupee/Kyat payment Concept Paper approved by the Reserve Bank of India to be conducted by Myanmar and India with the cooperation of the Indian Embassy in Myanmar, designation of Punjab National Bank, India, as a designated bank to carry out Special Rupee Vostro (SRV) account of Myanmar banks, advantages for bilateral trade and payment methods approved by the central banks of two countries.

Then, CBM Governor Daw Than Than Swe said it will take into account the fact of the Rupee/Kyat direct payment system for normal trade in addition to border trade and the importers and exporters will be informed as soon as the instructions and approval of banking system are received, and she concluded the meeting.