National Currencies Take Center Stage: Russia and Myanmar Collaborate on Dedollarization

Russia and Myanmar are intensifying efforts to trade in their national currencies, the ruble and kyat, as part of a global move to reduce dependence on the U.S. dollar and Western financial systems.

Myanmar’s Minister for Investment, Kan Zaw, confirmed confidential discussions between the nations’ central banks to establish a kyat-ruble payment system aimed at boosting bilateral trade. Despite logistical challenges like high transport costs, Myanmar sees opportunities to export products such as rice, avocado, and fisheries to Russia. This initiative reflects a growing trend among nations, including BRICS and ASEAN, to enhance economic independence through local currency trade and alternative financial frameworks.

Clever Robot News Desk 17^th January 2025