Myanmar to accept baht for border trade transactions

Myanmar will start accepting the baht for settling border trade transactions and is also looking at a similar plan to use the Indian rupee for such trade, the ministries of information and investment said on Tuesday.

Myanmar’s military-controlled government has already said it would also accept China’s renminbi as an official settlement currency.

“By reducing dependence on the US dollar, we will mitigate the risk of sudden exchange rate swings due to external geopolitical factors,” the ministries said in a statement, adding the move would help reduce inflation caused by appreciation of the dollar.

The arrangements would also help support economic recovery, the statement said, adding that – even with…