Thailand, Myanmar agree to use baht, kyat for cross-border payments

By The Nation

 

Right to left: Veerathai, U Soe Win and U Kyaw Kyaw Maung

 

Veerathai Santiprabhob, governor of the Bank of Thailand, and his Myanmar counterpart U Kyaw Kyaw Maung, signed two memoranda of understanding (MoU) on October 18 during the IMF-World Bank meeting in the US.

 

The signing was witnessed by Myanmar’s Minister for Planning and Finance U Soe Win, according central bank statement on October 21. 

The two MoUs are as follows:

 

1) Collaboration to promote the use of the Myanmar kyat and the Thai baht for cross-border payment and settlement between the two countries; and 

 

2) Cooperation in the areas of financial innovation and payments systems, which aims to enhance collaboration on financial innovation and payment services to promote more efficient and secure domestic and cross-border fund transfers.

 

The Bank of Thailand has been promoting the use of baht and other local currencies in the region as part of its efforts to curb the strengthening of the Thai currency.

 

Source: https://www.nationthailand.com/business/30377618

 

-- © Copyright The Nation Thailand 2019-10-22

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4 hours ago, webfact said:

Thailand, Myanmar agree to use baht, kyat for cross-border payments

What did they use before?

Just reading the headline gives me the impression of stating the bleedin' obvious.

13 minutes ago, bluesofa said:

What did they use before?

Clam shells?

Doesn't seem like a good deal for Myanmar given the strength of the baht?

9 hours ago, webfact said:

Thailand, Myanmar agree to use baht, kyat for cross-border payments

Boy that is breaking news.  I would have thought they would have used Rupee and Pesos