Myanmar, India discuss Rupee-Kyat currency swap arrangement

· Eleven Media Group Co., Ltd

Myanmar and India have held discussions on drafting an agreement to establish a bilateral currency swap arrangement between the two countries' central banks, according to official sources.

The discussions took place on June 23 during a meeting between Governor of the Central Bank of Myanmar Dr. Khin Naing Oo and Indian Ambassador to Myanmar H.E. Mr. Abhay Thakur and his delegation at the Central Bank of Myanmar in Nay Pyi Taw.

During the meeting, both sides reviewed ways to further enhance the existing direct payment mechanism using the Indian Rupee and Myanmar Kyat for trade and investment activities. They also discussed ongoing cooperation among the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), the Central Bank of Myanmar’s MMQR Consortium, and the Myanmar Payment Union (MPU) to enable interoperability between India's UPI QR and RuPay systems and Myanmar’s MMQR payment infrastructure.

The two sides additionally exchanged views on progress in drafting an agreement for the establishment of a bilateral currency swap arrangement between the central banks of Myanmar and India. Discussions also focused on strengthening mutually beneficial cooperation in the banking and financial sectors.

Officials said both countries will continue efforts to enhance financial connectivity and expand cooperation in support of trade, investment, and payment system development.

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