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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
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Myanmar wants to broaden its use of Chinese and Russian currencies and lessen its dependence on the dollar, which a spokesman for the ruling junta said some countries are using “to bully smaller nations”.
Min Aung Hlaing, the head of the military government, discussed “replacing the use of dollar with other currencies such as yuan, rupee and rouble as well as the barter system” in a meeting with Russian President Vladimir Putin earlier this month, Major General Zaw Min Tun, the lead spokesman for the State Administration Council, said on Tuesday.
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.
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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.
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