Myanmar, Thai banks for direct financial transfer

Myanmar and Thai banks are planning to allow direct financial transfer between each other in Myanmar-Thai border towns, official sources said on Saturday.

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, held discussions over the direct monetary transfer between the two countries on Friday, Xinhua reported.

The direct transfer helps facilitate traders in the border towns of Tachileik and Mai Sai in wiring money between themselves.

Previously, money wired from Thailand went first to Yangon and then arrived at Tachileik.

Both sides will seek approval from the relevant government departments to set the amount of money which can be wired between the two countries on a daily basis.

There are seven banks including state-owned Myanmar Economic Bank and six privately owned banks in Tachileik and five banks located in the Thai border town of Mai Sai.