BRICS: Russia & Myanmar to Trade In Local Currency, Ditch US Dollar
Russia is reaching out to Myanmar to advance and strengthen the de-dollarization agenda in 2025. BRICS member Russia is in discussions with Myanmar to conduct trade in local currencies and ditch the US dollar. The Putin administration is looking to launch a direct payment system with their respective local currencies, the kyat and ruble. The goal is to significantly reduce the usage of the US dollar and bolster local currencies for cross-border transactions. Also Read: Analysts Predict the Future of BRICS Currency BRICS: Russia & Myanmar Look to End US Dollar Reliance, Promote Local Currency Source: irrawaddy.com Myanmar’s Foreign Economic Relations Minister, Kan Zaw revealed that they are negotiating a local currency payment system with Russia. “We have been negotiating the kyat-ruble payment system to facilitate the bilateral trade. However, the central banks of the two countries have been keeping the current series of discussions at a very low profile,” he said. Th...