As Myanmar begins to integrate its financial systems with the world, the Bank of Thailand wants to see the Thai baht registered as a legal currency for trade in the country.
As the neighboring nations’ private-sector trade both expands and grows together, the bank’s Pongpen Ruangweerayuth said yesterday the baht should be added to Myanmar’s official currencies within the next few years.
“It is a cooperation between the two countries because Thailand and Myanmar has been trading,” Pongpen said.
Ongoing cross-border investments and flow of migrant laborers have only deepened that economic interdependence, she said.
Indeed Myanmar recently approved Bangkok Bank to be among new foreign banks allowed to do business there.
Pongpen said it’s a sign of things to come.
“We hope for business transactions to grow,” she said. “More banks will soon be joined.”
Currently the Burmese government only accepts three foreign currencies: U.S. dollars, Singapore dollars and euros, Post Today reported.
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