Myanmar eyes Chinese yuan, Russian rouble to replace US dollar that’s being used ‘to bully smaller nations’
- Myanmar junta chief Min Aung Hlaing discussed replacing use of the US dollar during a meeting with Russia’s Vladimir Putin
- Options include the Chinese yuan, Russian rouble and Indian rupee ‘as well as the barter system’, a spokesman for Myanmar’s military government said
Both countries have reached an agreement to use the barter system for Myanmar’s fertiliser imports from Russia while its fuel oil purchases from the country will be paid in rouble, the spokesman said.
Myanmar expects oil from Russia to arrive in the next few days.
The central banks of Myanmar and Russia are in discussions about direct payments in rouble and kyat, said Zaw Min Tun.
Myanmar will also soon allow the use of Mir cards, a Russian card payment system for electronic fund transfers, and enable Bank of Russia’s messaging system to facilitate bilateral trade and investment, he said.
“We expect bilateral economic cooperation to grow sharply,” once the central banks of Myanmar and Russia sign a pact, he said.
The Myanmar military regime’s warm ties with Russia is also helping it boost key supplies amid soaring commodity prices, Zaw Min Tun said.
Government agencies and public transport services will be prioritised in distribution of the imported fuel, he said, adding that Myanmar also plans to build a small nuclear plant in the next few years.