The rupee/kyat direct payment system will be implemented in Myanmar-India bilateral trade and Punjab National Bank, India has been designated as the designated bank for Myanmar banks, sources said.

The meeting between Central Bank of Myanmar and government departments, state-owned banks and private banks was held on April 4 at the Central Bank of Myanmar's Zabuthiri Hall to implement the procedures for the implementation of direct payment in rupees/kyat in India-Myanmar bilateral trade.

The Governor and Vice Governors of the Central Bank of Myanmar, Co-Secretary of the Central Committee on Ensuring Smooth Flow of Trade and Goods, Director General of Trade Department under the Ministry of Commerce; Deputy Director General of Customs Department, Director Generals and Deputy Director Generals of the Central Bank of Myanmar, officials from state-owned banks and private banks attended.

In border trade with Myanmar's neighboring countries China and Thailand, yuan/kyat and baht/kyat direct currency payment systems have been successfully implemented. Now, in order to increase the use of local currency in Myanmar-India bilateral trade, Myanmar will implement the rupee/kyat direct payment system. Led by the Central Bank of Myanmar, the Ministry of Foreign Affairs, Ministry of Planning and Finance Ministry of Commerce, State-owned banks, State Bank of India and representatives from Yangon Representative Office of Punjab National Bank from the rupee/kyat Direct Payment System Implementation Committee and the Indian Embassy in Myanmar have developed a concept paper for the rupee/kyat payment system to be implemented between Myanmar and India, and the Reserve Bank of India has agreed. Punjab National Bank, India has been designated as the designated bank to accept Special rupee vostro - SRV account for Myanmar banks. Myanmar has advantages in the trade between India and Myanmar, and the central banks of the two countries have discussed about the agreed payment methods and officials from private banks asked and discussed what they wanted to know about the process of the rupee/kyat direct payment system.

Then, Daw Than Than Swe, Governor of the Central Bank of Myanmar, said that not only border trade but also regular trade will be considered in implementing the direct payment system of rupee/kyat. If the bank business system guidelines and approval are received, the rupee/kyat implementation plans will be notified to exporters and importers.