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| Vice President of Myanmar Banks Association To Aung Myint. (Source: the irrawaddy) |
On January 27, Vice President of the Myanmar Banks Association To Aung Myint said: "Myanmar is making efforts to reduce the use of the US dollar in transactions. Myanmar has used the local currency in foreign trade payments with China and Thailand and is currently discussing similar measures with India. Now, it is the turn of Russia and Myanmar. Ruble and Kyat will be used for payments in the two countries. To complete this process, the Russian central bank will need to open an office in Myanmar, which is expected to take a maximum of 2-3 months."
At the Forum, the two sides signed an agreement so that Russia's Mir payment card can be used in Myanmar, starting from February 20.
In addition, the two sides also agreed to strengthen cooperation within the framework of the Intergovernmental Commission on Trade and Economic Cooperation. Russian Economic Development Minister Maksim Reshetnikov stressed the need to create convenient payment channels for Russian tourists in Myanmar.
Meanwhile, Myanmar's Minister of Investment and Foreign Economic Relations Kan Do hopes that Russia will become the country's main investor in the near future.
According to Mr. Kan Do, Russia has invested 94 million USD in Myanmar's economy, but is still not in the top 3 main investing countries. He hopes the situation will improve in the near future.
According to the information provided, this is an important step in the process of Myanmar reducing its dependence on the US dollar and expanding economic cooperation with other international partners. Russia's willingness to participate in promoting payments in local currencies also creates potential for strengthening economic relations between the two countries.
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