Myanmar hopeful of Rupee-Kyat trade arrangement by June-end

Myanmar hopeful of Rupee-Kyat trade arrangement by June-end

• Myanmar Commerce Minister U Aung Naing Oo has expressed hope that a Rupee-Kyat trade arrangement between the two nations will be in place by June-end.
• Oo said the trade volume between the two countries will double once the arrangement is worked out as Myanmar which has been hit by US sanctions is unable to earn sufficient foreign exchange to import goods from its trade partners.
• Under the special arrangement, Myanmar will accept Rupee payments for all its exports to India and use that rupee hoard to import from here.
• To facilitate this, RBI has appointed Punjab National Bank (PNB) to open a special Vostro account for foreign trade with Myanmar. PNB in turn has approached two banks in Myanmar where these accounts will be opened.
• The minister said “negotiations between PNB and the central bank of Myanmar are going on and are expected to be completed by this month. Once this arrangement becomes operational, trade volume between the two countries will double”.
• Oo said India is the eleventh largest investor in Myanmar with USD 775.11 million worth of investments. He said India was also one of the main trading partners of Myanmar in the previous fiscal year.

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Published date : 14 Jun 2023 06:25PM