Myanmar OKs use of Thai currency in border trade

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Myanmar’s military-led administration has agreed to accept Thai baht as an official currency in border trade dealings and plans a similar arrangement for use of India’s rupee. The State Administrative Council said Tuesday that Myanmar already began allowing use of the Chinese yuan for direct currency settlements earlier this year. It said in a statement that settlements would be done online, according to regulations set by Myanmar’s central bank. Economic sanctions against Myanmar following a Feb. 1, 2021 coup have strained the country’s ability to earn foreign exchange. The announcement said that by expanding direct conversion of other currencies in border trade, Myanmar intends to reduce its dependence on the U.S. dollar.