MUMBAI, 5 Jul (Commoditiescontrol): India and Myanmar have successfully executed first Rupee-Kyat trade transaction, which according trade experts, would help boost bilateral trade and enhance the use of local currencies. The first transaction exceeded Rs 1 crore in value terms and the export of pulses from India to Myanmar was successfully executed under the Rupee-Kyat Trade Settlement Mechanism on Tuesday. The Embassy of India in Yangon announced the operational status of the mechanism on social media platform X.
The transaction was facilitated by the Yangon office of Punjab National Bank (PNB) India. "We encourage businesses on both sides to benefit from the mechanism," the embassy stated, emphasizing the potential advantages for bilateral trade.
In February, the Indian mission, in collaboration with the India-Myanmar Chamber of Commerce (IMCC), organized an awareness event to promote the use of the Rupee-Kyat Trade Settlement Mechanism. The Central Bank of Myanmar had previously released guidelines for payment procedures under the Special Rupee Vostro Account (SRVA) on January 26.
According to the Indian embassy, the Rupee-Kyat Trade Settlement Mechanism aims to simplify trade transactions, making them more efficient and reducing costs associated with currency conversions. The mechanism is expected to significantly boost bilateral trade and encourage the use of local currencies in trade between the two countries.
(By Commoditiescontrol Bureau; +91 98201 30172)
0 Comments 
Post Comment 
