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Submitted by moiuser on 8 November 2023

CENTRAL Bank of Myanmar Governor Daw Than Than Swe received the delegation of Fund RC-Investments from the Russian Federation at the Central Bank of Myanmar in Nay Pyi Taw yesterday morning.

During the meeting, both parties discussed issues related to currency valuation between the two countries and goods (or goods that can be used with two forms of currency) exchanged between them. They also addressed matters related to the establishment of a bilateral joint working group and the promotion of using both currencies for international trade and cross-border payments. Depending on the countries with the highest trade volume with Myanmar, the bilateral joint working group will continue to coordinate efforts aimed at using the Commodities Basket and implementing a Digital Financial Asset to facilitate payments and account clearance. These discussions are being led by the Central Bank of Myanmar and the Central Bank of Russia, involving Evrofinance Mosnarbank, chosen by the Russian Federation, and state-owned or private banks to be selected by the Central Bank of Myanmar.