On the China-Myanmar border, CBM allows direct Yuan/Kyat payments.

Publish at 11 months ago
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According to a notification released by Myanmar's Central Bank on December 14, direct Yuan/Kyat transfers on the China-Myanmar border are now permitted.

The proclamation was issued by the CBM under Sections 17 and 22 of the Foreign Exchange Management Law, according to the CBM.

Direct Yuan/Kyat payments on the Sino-Myanmar border were authorized to facilitate the two nations' payment and clearing systems, as well as to increase domestic currency in line with ASEAN Financial Integration aims, in order to increase Sino-Myanmar commerce and facilitate the flow of goods.

Importers and exporters can now open Yuan accounts with designated banks for cross-border trade.

As a result, the approved banks must follow the Guidelines for the Direct Use of the Yuan/Kyat in Sino-Myanmar Border Trade. And, according to the CBM, this notification will be effective as of the date of issuance.

Photo Google.


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