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Myanmar to introduce Russia’s Mir payment cards from February

Russian Minister of Economic Development Maxim Reshetnikov said earlier that Myanmar banks began connecting to the Russian counterpart to SWIFT

MOSCOW, January 27. /TASS/. Convenient financial instruments for Russian investors will appear in Myanmar from February 20, cards of the Mir payment system will work in the country for tourists and investors, Myanmar’s Minister of Investment and Foreign Economic Relations Kan Zaw said at the Russian-Myanmar business forum.

According to him, Russian investors the opportunity to use convenient financial instruments from February 20, 2024.

Russian Minister of Economic Development Maxim Reshetnikov said earlier that Myanmar banks began connecting to the Russian counterpart to SWIFT - System for Transfer of Financial Messages (SPFS).

"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.

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