Direct payment in Indian rupees and Myanmar kyats starts in bilateral trade

The briefing on launching the rupee/kyat direct payment system for bilateral trade between India and Myanmar was held at the India Centre in Yangon yesterday.
First, Indian Ambassador to Myanmar Shri Vinay Kumar made a greeting speech.
Then, Central Bank of Myanmar Governor Daw Than Than Swe talked about the dialogues between the Indian Embassy and RBI through diplomacy between the two countries, ranking India as the fourth largest export market and the sixth largest import partner of the country, the largest trade partner with Myanmar among the ACU member countries, payment goes into operation after the release of Guideline for Special Rupee Vostro Account (SRVA) and mutual benefits of payment system, and added that the merchants can apply for payment and clearance using rupee. It can be officially used through the banking system.
Then, the managing director of the Myanma Economic Bank, the UMFCCI president and representatives of Punjab National Bank, CT Bank and UAB Bank discussed the rupee/kyat trade settlement mechanism.
Then, the Indian ambassador handed over the present to the CBM governor, and the vice-president of the India-Myanmar Chamber of Commerce expressed gratitude and concluded the event. — MNA/KTZH