YANGON, July 31 (Xinhua) -- Central Banks of Myanmar and Thailand will collaborate in financial matters to assist the development of trade and investment, according to the Central Bank of Myanmar (CBM) Wednesday.

A meeting between the central banks of the two countries, held in Nay Pyi Taw Tuesday, discussed adopting a framework for comprehensive use of Myanmar kyat and Thai baht in border trade, signing of a memorandum of understanding on payment system between the two central banks and challenges in implementing them.

According to statistics of Myanmar's Commerce Ministry, bilateral border trade between Myanmar and Thailand reached over 2.28 billion U.S. dollars as of May 3 in the present fiscal year 2018-19 (October-September).

Myanmar conducts border trade with neighboring Thailand mainly through seven checkpoints.

The country's agricultural and fishery products are exported to Thailand while cosmetics, food products and machinery and raw industrial goods such as cement and fertilizers are imported.