Myanmar intends to join the Russian financial messaging system.
During the St. Petersburg International Economic Forum the Minister of Investment and Foreign Economic Relations of Myanmar Aung Naing U spoke about the intention of the government of Myanmar to join Russia's SWIFT analogue - the system of financial messaging. Representatives of the central banks of Russia and Myanmar are currently holding talks on the issue.
"The Myanmar central bank's advisor is in our delegation. She has held talks with representatives of Russia's central bank to discuss the use of alternative payment systems without SWIFT," the minister said.
According to him, now we need detailed consultations on the payment systems between the two countries. The minister said that it is also necessary to study such initiatives as the use of Russian ruble, yuan or the currency of Myanmar in trade transactions.
In February 2022, it was reported that 331 banks have joined the system of financial messaging. At the moment, the list of participants of the Russian system is hidden by the Central Bank.