August 20, 2016

Myanmar and Thai banks discuss direct monetary transfers in towns along its boarders

Stacks of Myanmar Kyat are prepared at a bank ahead of being transported in Yangon.
Stacks of Myanmar Kyat are prepared at a bank ahead of being transported in Yangon.

A GROUP from the northern office of the Thailand Economic Bank, together with the Tachileik branch of the Myanmar Economic Bank and other independent banks, sat together for discussion in the meeting hall of the Tachileik Traders Association yesterday in a bid to enable traders of Thai-Myanmar boarder towns to be able to directly wire finances between each other.
“The main focus of discussion was about the enabling traders in the boarders towns of Tachileik and Mai Sai to be able to make direct financial transfers between themselves. At the moment, money wired from Thailand goes directly to Yangon. That said, money then does arrive everyday in Tachileik.” explained Daw Zin Min Thant, manager of Kanbawza Bank’s Tachileik branch.
She also made it known that a discussion was held over the exchange of information between banks of both countries to allow for the easy provision of letters of credit.
It is known that a decision was made during the meeting for official submissions to be made by both countries to their relevant government departments for a cap of 200,000 Thai baht to be set on the amount of money which can be wired between both countries on a daily basis.
The town of Tachileik is currently served by the Myanmar Economic Bank and six independent banks, while there are a minimum of five banks located in the Thai boarder town of Mai Sai.


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