Mawlamyine, May (31)
The Myanmar Iron and Steel Association announced that licensing will be given priority if yuan is used instead of dollars for the import of iron and steel.
When importing and exporting iron and steel in the past, only dollars were accepted.
However, the Department of Commerce has notified the Myanmar Iron and Steel Association to use Chinese yuan rather than dollars since early 2023.
According to the approval of the Ministry of Commerce of the military council, only dollars were used in the iron and steel industries before.
Currently, companies can apply for a license in yuan equivalent to the dollar, according to a statement from the Myanmar Iron and Steel Association.
The Than Lwin Times tried to contact the Myanmar Iron and Steel Association under the Military Council for comment on this statement, but did not receive any response.
Myanmar imports about three million tons of related products, including iron and steel, every year, according to the Iron and Steel Association.
News – Than Lwin Times
Photo: Myanmar Business Directory
Thanlwintimes