Myanmar adopts Thai baht for cross-border transactions; considers rupee for similar arrangement

Myanmar's economy has suffered since the army deposed the democratically elected government and started a brutal crackdown on opponents a year ago.

Source: Wikipedia

Myanmar's military-led government decided on Tuesday to recognize the Thai baht as an official currency in cross-border commerce, and plans a similar arrangement for the rupee, in an effort to reduce the country's reliance on the U.S. dollar.

The State Administration Council said on Tuesday that payments in Thai baht will be made online in accordance with Myanmar's central bank's regulations. Thailand is Myanmar's second-largest economic partner after China, with border commerce totaling US$4.3 billion dollars in 2020-2021, an increase from the $3.9 billion of the previous year.