A coordination meeting on Yuan/Kyat direct payment in the Myanmar-China border trade sector was held in Nay Pyi Taw yesterday.
During the meeting, Deputy Governor
of Central Bank of Myanmar Daw Than Than Swe explained the Yuan/Kyat payment
procedures, guidelines for Yuan/Kyat payment, designated banks, implementation
works, Yuan/Kyat accounts, difficulties of banking sectors and reports of
merchants regarding ED export incomes.
Then, Joint Secretary of the Central
Committee on Ensuring Smooth Flow of Trade and Goods Brig-Gen Yan Naung Soe
discussed the bilateral cooperation of China and Myanmar to resolve the
difficulties in Yuan/Kyat direct payment, export and benefits of the use of
Yuan/Kyat direct payment.
Then, the Bank of China Hong Kong
Limited, Yangon Branch and the Industrial and Commercial Bank of China Limited,
Yangon Branch, presented challenges during the trial period. The officials of
designated banks, relevant banks and associations coordinated the discussion.
The Central Bank of Myanmar permitted
the Yuan/Kyat direct payment in Sino-Myanmar border trade and allowed the
Myanmar Economic Bank, ICBC, Yangon Branch and BOC, Yangon Branch.
This move aims to boost bilateral
cross-border trade, facilitate trading and bilateral transaction, lessen the
reliance on the US dollar, draft economic plans based on the bilateral trade
data and increase the use of domestic currency.
The bilateral trade between China and
Myanmar was conducted starting in December 2021. The Central Bank of Myanmar
cooperated with the Muse-Namhkam Border Trade Chamber of Commerce,
Kunlong-Hopan-Chinshwehaw-Laukkai Border Trade Chamber of Commerce, Trade
Department and Customs Department under the lead of the Central Committee on
Ensuring Smooth Flow of Trade and Goods.
The CBM allowed other private banks
to serve as designated banks to streamline the Yuan/Kyat direct payment sector,
such as CB Bank PCL, Ayeyawady Bank, UAB Bank and Myanma Apex Bank.
Granting permits to private banks and
Myanma Economic Bank will provide various options to the traders in making
Yuan/Kyat direct payments.
— MNA
#TheGlobalNewLightOfMyanmar
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