Myanmar Enables Direct Bilateral Payment of Thai Baht and Myanmar Kyat for Cross-Border Trade with Thailand

On March 3, 2022, the Central Bank of Myanmar (CBM) issued Notification No. 5/2022, intended to support cross-border trade with Thailand and ease cross-border payment transactions between the two countries. The notification, which took effect the day it was issued, follows a December 2021 meeting in accordance with the memorandum of understanding between the Bank of Thailand and the CBM, and the Foreign Exchange Management Law.

The notification permits direct payment of Thai baht (THB) or Myanmar kyat (MMK) on the Thai-Myanmar border to promote bilateral trade. Therefore, exporters and importers are allowed to open THB-denominated accounts at designated banks, which must adhere to CBM-approved guidelines for the direct use of THB and MMK on the Thai-Myanmar border.

By Tilleke & Gibbins, Myanmar, a Transatlantic Law International Affiliated Firm. 

For further information or for any assistance please contact myanmar@transatlanticlaw.com

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