Rupee-Kyat Trade Settlement Paves Way For Rs 1 Crore Export Milestone

The Rupee-Kyat trade settlement mechanism successfully facilitated an over Rs 1 crore pulses export from India to Myanmar. This initiative is expected to boost bilateral trade and promote the use of local currencies. The mechanism was operationalized with guidelines released by Myanmar's Central Bank.

In a significant development, the Rupee-Kyat trade settlement mechanism has successfully facilitated an over Rs 1 crore pulses export from India to Myanmar. This milestone transaction, executed under the new system, is expected to substantially boost bilateral trade and promote the use of local currencies.

The Indian Embassy in Yangon announced the operational status of the Rupee-Kyat trade settlement mechanism via a post on X, spotlighting the first major transaction handled by the Yangon office of @pnbindia. The Embassy encouraged businesses in both nations to leverage this streamlined trade process.

The initiative follows guidelines for payment procedures under the Special Rupee Vostro Account (SRVA) issued by the Central Bank of Myanmar on January 26. The Indian mission, in collaboration with the India-Myanmar Chamber of Commerce (IMCC), had organized an awareness event in February to highlight the benefits of the mechanism. This system is expected to simplify trade transactions and reduce costs associated with currency conversions, ultimately making the process more efficient.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)