On 14 August 2023, the Central Bank of Myanmar (CBM) issued a directive allowing Authorized Dealer (AD) banks to use Thai baht for international payments and settlements. This move empowers AD banks to include the Thai Baht in their cross-border financial operations. However, an earlier announcement from the Department of Trade (DOT) on 6 July 2023 indicated the potential use of Kyat for exporters’ deposits. Subsequent details from CBM and DOT regarding using Thai baht for deposits are still awaited. This development highlights Myanmar’s evolving international financial integration while leaving the financial community curious about forthcoming updates.
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.