• Burmese
Friday, May 16, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
24 °c
Ashburn
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home Business

Myanmar Will Start Accepting Russian ‘Peace’ Bank Cards Next Month

Hein Htoo Zan by Hein Htoo Zan
September 12, 2023
in Business
Reading Time: 2 mins read
0 0
A A
Myanmar Will Start Accepting Russian ‘Peace’ Bank Cards Next Month

A Russian MIR card being used in Turkey in 2022 before the cards were banned from the country. / Russkiymir

3k
VIEWS
Share on FacebookShare on Twitter

Myanmar will begin accepting cards from the Russian Mir payment system in October, according to Kan Zaw, the junta’s minister of Investment and Foreign Economic Relations said on Monday.

He made the comment to reporters on the sidelines of the Eastern Economic Forum (EEF) in Vladivostok, Russia on the first day of the three-day forum.

A junta propaganda newspaper—quoting Russian propaganda news outlet Sputnik—also said an agreement on Mir cards had been signed between the central bank and six commercial banks. It quoted experts who said the Mir cards will be able to be used at the card payment platforms of six banks in Myanmar.

RelatedPosts

At Least 11 Schoolkids Massacred in Myanmar Junta Air Raid in Sagaing

At Least 11 Schoolkids Massacred in Myanmar Junta Air Raid in Sagaing

May 12, 2025
1.3k
Thousands Still Homeless as Naypyitaw Rebuilding Stalls

Thousands Still Homeless as Naypyitaw Rebuilding Stalls

May 12, 2025
1.2k
Breaking the 60-Year Political Cycle in Myanmar

Breaking the 60-Year Political Cycle in Myanmar

May 12, 2025
1.1k

“Mir cards could be used starting from October, I hope,” Kan Zaw said at the forum.

Mir, which means “Peace” in English, is a card-payment system for electronic-fund transfers established by the Central Bank of Russia in 2017, following sanctions imposed by Western countries. The Mir card is operated by the Russian National Card Payment System.

Myanmar is now using the yuan to pay for Russian petroleum products but an agreement on mutual conversion of national currencies between Russia and Myanmar is being negotiated, Kan Zaw said at the forum.

“We are using yuan and not (paying) with roubles at the moment. But we are trying to make a Kyat-Rouble agreement,” he said, adding that the agreement would be signed “very soon.”

In June, the governor of the junta-controlled Central Bank of Myanmar, Than Than Swe, said Mir cards could be used in Myanmar within six months once technical issues were resolved and mutual certification for connecting national payment systems, especially for cross-border transactions, was completed.

Junta officials announced plans to use the Russian cards in August of last year as they faced increasing financial sanctions and dwindling foreign reserves, particularly US dollars, following the 2021 coup and subsequent deadly crackdowns on protesters and resistance forces.

Russia created Mir to avoid reliance on Visa and MasterCard, which have since stopped operating in the country. The withdrawal of Visa and MasterCard from Russia led to increased use of Mir cards in the country. However, Mir cards are unwelcome in most other countries.

They are accepted in a handful of former Soviet republics and a few countries, like Vietnam, offer limited use of the cards. Last year, state banks in Turkey suspended the use of Mir cards over fears of US sanctions on the Russian National Card Payment System.

If the Mir card is used in Myanmar, it will allow direct payments between the Rouble and the Kyat, but its use will be very limited.

Economists in Myanmar said that the Russian cards will be used by foreign nationals visiting Myanmar for pleasure or business, not by Myanmar citizens traveling abroad.

At the EEF, Kan Zaw also said the junta hopes to conclude an agreement with Russia on tourism, according to Russian state-owned news agency RIA.

However, Russia is not near the top of the travel list for Myanmar citizens seeking vacations, while efforts to attract Russian tourists to Myanmar have so far failed.

Both countries are locked out of international financial networks by sanctions and widely regarded as pariah states.

The junta is desperately attempting to alleviate a currency crisis that is worsening as international sanctions increase. It is considering joining the New Development Bank operated by Brazil, Russia, India, China and South Africa to help offset its isolation.

The junta is attempting to integrate Myanmar into the Russian payment system to maintain its foreign-exchange reserves and stabilize the Kyat, financial experts said last year when the idea was first proposed.

Your Thoughts …
Tags: BankingCredit Cardscurrency crisisMyanmar EconomyRussiaSliderTourism
Hein Htoo Zan

Hein Htoo Zan

The Irrawaddy

Similar Picks:

Exodus: Tens of Thousands Flee as Myanmar Junta Troops Face Last Stand in Kokang
Burma

Exodus: Tens of Thousands Flee as Myanmar Junta Troops Face Last Stand in Kokang

by Hein Htoo Zan
November 28, 2023
97.9k

Myanmar National Democratic Alliance Army troops are opening roads and pathways through forests for people to flee Kokang’s capital as...

Read moreDetails
Burning Alive in Myanmar: Two Resistance Fighters Executed in Public
Burma

Burning Alive in Myanmar: Two Resistance Fighters Executed in Public

by The Irrawaddy
February 7, 2024
88.5k

People’s Defense Force says junta troops told every household in the village to send one member to witness the double...

Read moreDetails
Another Entire Junta Battalion Raises the White Flag in Myanmar’s Northern Shan State
War Against the Junta

Another Entire Junta Battalion Raises the White Flag in Myanmar’s Northern Shan State

by The Irrawaddy
November 29, 2023
86.9k

Brotherhood Alliance member says it now has complete control of Kokang’s northernmost section after the junta’s Light Infantry Battalion 125...

Read moreDetails
Depleted Myanmar Military Urges Deserters to Return to Barracks
Burma

Depleted Myanmar Military Urges Deserters to Return to Barracks

by The Irrawaddy
December 4, 2023
58.8k

The junta said deserters would not be punished for minor crimes, highlighting the military’s shortage of troops as resistance offensives...

Read moreDetails
As Myanmar’s Military Stumbles, a Top General’s Dissapearance Fuels Intrigue
Burma

As Myanmar’s Military Stumbles, a Top General’s Dissapearance Fuels Intrigue

by The Irrawaddy
April 19, 2024
46.6k

The junta’s No. 2 has not been seen in public since April 3, sparking rumors that he was either gravely...

Read moreDetails
Enter the Dragon, Exit the Junta: Myanmar’s Brotherhood Alliance makes Chinese New Year Vow
Burma

Enter the Dragon, Exit the Junta: Myanmar’s Brotherhood Alliance makes Chinese New Year Vow

by The Irrawaddy
February 12, 2024
44.4k

Ethnic armed grouping says it will continue Operation 1027 offensive until goal of ousting the junta is achieved. 

Read moreDetails
Load More
Next Post
Telegram Mob Justice Blamed for Disappearance of Myanmar Dissident’s Father

Telegram Mob Justice Blamed for Disappearance of Myanmar Dissident’s Father

Myanmar Regime Conducts Series of Air Strikes in Sagaing Region

Myanmar Regime Conducts Series of Air Strikes in Sagaing Region

No Result
View All Result

Recommended

Breaking the 60-Year Political Cycle in Myanmar

Breaking the 60-Year Political Cycle in Myanmar

4 days ago
1.1k
How Myanmar Junta Uses Air Force to Fight Its Corner

How Myanmar Junta Uses Air Force to Fight Its Corner

3 days ago
1.1k

Most Read

  • Ousted Myanmar Envoy to UK Charged With Trespass in London Residence Row

    Ousted Myanmar Envoy to UK Charged With Trespass in London Residence Row

    shares
    Share 0 Tweet 0
  • Three Japanese Firms Ditch Myanmar Port Project

    shares
    Share 0 Tweet 0
  • Myanmar Junta Leader Scores Diplomatic Win With Xi Meeting in Moscow

    shares
    Share 0 Tweet 0
  • Disaster Diplomacy in Myanmar: A Convenient Narrative for the Int’l Community

    shares
    Share 0 Tweet 0
  • ‘Children Torn in Two’: Witness Describes Myanmar Junta’s School Massacre

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.