Russia has chosen Evrofinance Mosnarbank for the payment and clearing of accounts between Myanmar and Russia and it will work with the state-owned and private bank selected by the Central Bank of Myanmar (CBM), according to the CBM.

The CBM Governor, Daw Than Than Swe, received a delegation from the Ros-Congress Investments Fund of the Russian Federation at 10:30 am on November 7 at the Central Bank of Myanmar in Nay Pyi Taw.

During the meeting, both sides discussed about the issues related to the determination of monetary value between the two countries between Russia and Myanmar by linking national currency and goods (or goods that can be used in two forms of currency), issues related to the establishment of a joint working group between the two countries, issues related to promoting the use of two currencies for international trade and cross-border payments, depending on the trade of the countries with the most trade with Myanmar, using the commodity basket and setting up a digital financial asset, the issues of how the bilateral joint working group can continue to coordinate in order to be able to carry out payments and clearing accounts, and issues of continued payment and clearing of accounts by Evrofinance Mosnarbank, selected by the Russian Federation, and the state-owned/private banks to be selected by the Central Bank of Myanmar, under the leadership of the Central Bank of Myanmar and the Central Bank of Russian Federation.

Ross Congress Investment Fund Group, Deputy Chairman of the Committee of the Federal Council of the Russian Federation and Senator, President of Evrofinance Mosnarbank, Research Group Leaders and Members of the Institute for Innovation and Technology Research in Financial Methods, Vice Governors and heads of departments from the Central Bank of Myanmar attended the meeting.