Myanmar ready to install Russian MIR in domestic payment system
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Hsu (NP News) - Sep 20
The spokesperson of the State Administration Council (SAC) Major General Zaw Min Tun said that Myanmar is planning to apply the Russian MIR payment system domestically and is ready to sign the Memorandum of Understanding for it with Russia.
He mentioned this information in today press conference that was held at the Ministry of Information in Naypyidaw.
Urgent implementations are being conducted by the relevant ministries and authorities to establish the payment system in ruble-kyat direct transactions, he stated.
“Russian financial institutions will be supporting us for quick installation and utilization of the Russian MIR system and discussions are being undertaken for the institutionalization of the Russian MIR card system in Myanmar,” Major General continued.
Financial messaging system of the Bank of Russia (SPFS) and MIR will be developed before the 3rd Inter-Governmental Russia-Myanmar Joint Commission on Trade and Economic Cooperation meeting that will be held in the upcoming November.
“Quick and necessary coordination will be engaged to formulate the SPFS and MIR system before the meeting,” Major General Zaw Min Tun said.
The Major General added that “We need to eye a closer look at security and safety aspects of the banking system, technical and information systems when we use ruble-kyat direct transaction. In addition, Myanmar is ready to sign the MOU between the Central Banks of the two countries to develop this cooperation.”
Currently, Myanmar is using Visa and Master cards for international payment transactions.