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Myanmar banks connect to Russian SWIFT counterpart

The network of correspondent accounts between our countries is expanding, Russian Minister of Economic Development Maxim Reshetnikov said

MOSCOW, January 27. /TASS/. Myanmar banks began connecting to the Russian counterpart to SWIFT - System for Transfer of Financial Messages (SPFS), Russian Minister of Economic Development Maxim Reshetnikov said during a business forum with entrepreneurs from Myanmar and Russia.

"Cooperation in the financial and banking sector is growing so that businesses can freely buy and sell products. The network of correspondent accounts between our countries is expanding. Banks in Myanmar are connecting to the Russian analogue of counterpart - SPFS. It is now possible to make direct payments through correspondent accounts, without the mediation of third countries," he said.

Reshetnikov further stated that the infrastructure to promote corporate cooperation is actively growing. Russian business delegations visit the country, the Russian Trade Representation in Myanmar has been operational for a year, and a joint Business Council was established last year.

"We anticipate staff of such entities to continue assisting business in identifying attractive areas for collaboration. Solve specific business issues on projects, including tourism," the minister stated.