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India-Myanmar Rupee-Kyat Trade Settlement Mechanism Goes Into Use

© Photo : Social Media Myanmar Kyat Indian Rupee
 Myanmar Kyat Indian Rupee - Sputnik India, 1920, 02.07.2024
The initiative seeks to simplify trade transactions and improve efficiency between India and Myanmar through direct payment in local currencies, cutting the complications with exchange rates.
India and Myanmar have pioneered a new bilateral trade payment system.
The Yangon office of Punjab National Bank on Tuesday successfully completed the first transaction exceeding INR 1 crore for a shipment of pulses under the Rupee-Kyat Settlement Mechanism.
The initiative aims to streamline trade transactions between India and Myanmar, enhancing efficiency by eliminating complexities associated with exchange rates through direct payment in local currencies.
The Central Bank of Myanmar introduced guidelines for payment procedures via the Special Rupee Vostro Account (SRVA) on January 26 this year. The mechanism covers both sea and border trade, encompassing transactions for goods and services.

"We encourage businesses on both sides to benefit from the mechanism," the Embassy of India in Yangon stated on X.

Secretary of the Department of Consumer Affairs Nidhi Khare discussed the fluctuating prices of pulses with Indian Ambassador to Myanmar Abhay Thakur at an April meeting, considering the impact of volatile exchange rates and the stock levels held by traders.
The payment mechanism was oficcially announced on 13 April. It aims to lower exchange rate conversion expenses and streamline trade processes.
In the meantime, the Indian government has requested importers and other stakeholders to provide weekly updates on their stock positions through the official portal. They are being urged to adopt the Rupee/Kyat direct payment system using the SRVA facilitated by Punjab National Bank.
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