Banks in Myanmar have started connecting to SPFS, the Russian equivalent of the SWIFT financial data transfer system. This was stated by the Minister of Economic Development of the Russian Federation Maxim Reshetnikov. TASS.
“Myanmar banks connect to SPFS, the Russian analogue of SWIFT. “It has become possible to make direct payments through correspondent accounts without the intermediary of third countries,” Reshetnikov said.
He stated that this measure would allow businesses to buy and sell products freely. The Minister emphasized that to achieve this, the correspondent account network between countries was expanded.
According to him, a year has passed since the Russian Trade Representative Office in Myanmar started its work, and the joint Business Council will start working in 2023.
Reshetnikov also emphasized that Myanmar representatives regularly visit Russian business delegations.
“We expect that employees of such structures will continue to help enterprises choose promising areas of cooperation,” the minister said.
Russia at the end of 2023 stopped
Previously at the Central Bank of the Russian Federation said How many countries are already connected to the Russian analogue of SWIFT?