Myanmar eyes using rupee for border trade

Bangkok (TIP): Myanmar’s military-led administration on March 15 agreed to accept Thai baht as an official currency in border trade dealings and plans a similar arrangement for use of India’s rupee, seeking to limit the country’s reliance on the US dollar in trade. The State Administration Council on Tuesday said that Settlements in Thai baht will be done online according to regulations set by Myanmar’s central bank. Thailand is Myanmar’s second largest trading partner after China, with border trade at five checkpoints — Tachileik, Myawady, Kawthoung, Myeik and Hteekhee — amounting to $4.3 billion in fiscal 2020-2021, up from $3.9 billion the year before, the statement said. Earlier this year, Myanmar had allowed direct currency settlements using Chinese yuan with its kyat. By expanding direct conversion of other currencies in border trade, Myanmar intends to reduce its dependence on the US dollar by up to 70%. — AP