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Myanmar allows the use of RMB and Myanmar dollars to directly settle border trade

Myanmar allows the use of RMB and Myanmar dollars to directly settle border trade

December 15 The Central Bank of Myanmar announced on the 14th that it would allow the use of RMB and Myanmar dollars in the border areas of China-Myanmar for direct border trade settlement from now on.

The Central Bank of Myanmar announced on the same day that in order to promote border trade between China and Myanmar and facilitate bilateral currency transactions and settlement, Myanmar’s eligible banks are allowed to open RMB accounts for importers and exporters engaged in border trade.

In January 2019, Myanmar announced that it would increase the RMB as the official settlement currency. In October this year, Myanmar announced that it would allow banks and non-bank currency exchange institutions with foreign currency settlement licenses and exchange licenses to exchange RMB.

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