21 Sep 2022 09:15 GMT
The authorities seek to replace it with the ruble, the yuan and the rupee.
Myanmar wants to replace the dollar, used “to intimidate smaller nations“For the ruble, the yuan and the rupee, said the leader of the country’s military junta, Min Aung Hlaing, informs Bloomberg. The Asian country hopes to reduce its dependence on the US currency, using the currencies of other nations for trade.
Min Aung Hlaing discussed the use of the ruble, the yuan and the rupee as alternatives with Russian President Vladimir Putin, Major General Zaw Min Tun, chief spokesman for the State Administrative Council, said on Tuesday. At the same time, during the plenary session of the Eastern Economic Forum, the leader of Myanmar stressed that the barter system can also replace the dollar.
The Burmese authorities expect economic cooperation with Russia to “grow considerably”. During Min Aung Hlaing’s visit to Russia and his participation in the forum, both countries reached an agreement: Myanmar will import Russian oil paying in rubles, while the barter system will be applied to Russian fertilizer supplies. Imports of Russian energy resources will help the Burmese government to lower the prices of basic products.
Myanmar and Russia also aspire to expand their relations in the financial sector. Currently, according to Zaw Min Tun, the Central Banks are discussing the possibility of using the ruble and the kyat, the Burmese currency, in bilateral trade. Also, soon Myanmar will allow the use of MIR system cardsRussian alternative to Visa and Mastercard.