A briefing on launching the rupee/kyat direct payment system for bilateral trade between India and Myanmar was held at the India Centre in Yangon on February 9.

Present on the occasion were Indian Ambassador to Myanmar Shri Vinay Kumar, Central Bank of Myanmar Governor Daw Than Than Swe, the managing director of the Myanma Economic Bank, the UMFCCI president and secretary, director-generals of CBM, representatives of Punjab National Bank, CT Bank and UAB Bank, high ranking officials from Ministry of Commerce, Department of Trade, Department of Internal Revenue, Custom Department and invited guests.

First, Indian Ambassador to Myanmar Shri Vinay Kumar made a greeting speech.

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.