Myanmar and Russia discussed the promotion of the use of local currencies in international trade and cross border trade payments, according to junta media.

The Military Council’s Central Bank of Myanmar (CBM) Governor Than Than Swe received the delegation of Ross-Congress Investments Fund and they discussed these bilateral monetary matters.

They discussed valuation of their currencies in trade between the two countries and for barter exchanges in both goods and currencies, forming joint committees between the two countries, promotion of the use of the Kyat and the Ruble in international trade and cross border payments.

They also discussed payment and settlement systems using digital monetary drawing rights based on a basket of commodities being traded among the largest trade partners of Myanmar.

Russia has designated the large commercial bank, Evrofinance Mosnarbank, to make transactions with Myanmar’s banks, which will be chosen by CBM and they will continue the work for payment and settlement matters between the two countries.

Currently, Myanmar is conducting direct payments in local currencies for the expansion of their payment environment such as Yuan-Kyat, Baht-Kyat and Rupee-Kyat, etc. Now direct payment in Ruble-Kyat is being worked out and it has been arranged to facilitate payments between Myanmar and Russia from any domestic bank.

Similarly, Myanmar and Russia are working to use the Mir payment card system in Myanmar and Russia.