Myanmar in view of joining New Development Bank
858
Tun Mon Thet (NP News) – June 15
Myanmar is considering joining the BRICS’ New Development Bank, as Governor of the Central Bank of Myanmar Than Than Swe was quoted by Russian media following the St. Petersburg International Economic Forum (SPIEF) news headlines.
Many nations, especially, Russia, China, India, South Africa and the UAE lately seek for alternative monetary system to use a common currency aftermath of the US regime’s sanctions against Russia.
The NDB was established in 2014 by Brazil, Russia, India, China, and South Africa, and later joined by Bangladesh, the United Arab Emirates, and Egypt. Uruguay is in the process of joining the NDB and Saudi Arabia is also in talks to become a member.
Myanmar also supports the de-dollarization since the country has been a victim of the US regime’s unilateral sanctions for years, from time to time.
Myanmar is also in talk with India for rupee-kyat payment and has been initiating yuan-kyat and baht-kyat at its border trade routes as part of the de-dollarization mechanism.
The ASEAN members also signed an agreement to push for the use of local currency transactions for reducing the US dollar dominance.
In addition, the Asian Clearing Union (ACU): Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka will reportedly launch a new regional cross-border financial messaging system in June as an alternative to SWIFT, according to the Global Times.
Myanmar has been a dialogue partner of the Shanghai Cooperation Organization (SCO), a Eurasian political, economic, international security and defence organization. The country expects to become the observer status at the SCO next year.