Overview

Click to expand overview
Myanmar is interested in BRICS, including the introduction of a common BRICS currency, and is studying the bloc, Myanmar's Minister of Investment and Foreign Myanmar’s Minister of Investment and Foreign Economic Relations, Kan Zaw, revealed the country’s keen interest in BRICS and its endeavours, including the potential At the BRICS summit, Russia secured a joint declaration encouraging the “strengthening of correspondent banking networks within BRICS and enabling settlements in Myanmar wants to join BRICS and use its currency in 2025. Kan Zaw, Myanmar’s Minister of Investment and Foreign Economic Relations, confirmed their interest.

Myanmar Eyes BRICS Membership and Common Currency in 2025: What Does It Mean?

Is Myanmar poised to join the BRICS economic alliance and embrace its currency? Recent statements suggest a strong interest from the Southeast Asian nation. Myanmar wants to join BRICS and use its currency in 2025. Kan Zaw, Myanmar’s Minister of Investment and Foreign Economic Relations, confirmed their interest. This potential move could significantly impact Myanmar's economic future and its relationship with the global financial landscape.

Myanmar's Growing Interest in BRICS

Myanmar is interested in BRICS, including the introduction of a common BRICS currency, and is studying the bloc. The driving forces behind this interest include seeking alternative economic partnerships and reducing reliance on the US dollar. Diversification of trade and investment partners is crucial for Myanmar's long-term economic stability.

Myanmar's Minister of Investment and Foreign Economic Relations, Kan Zaw, revealed the country’s keen interest in BRICS and its endeavours, including the potential. This high-level acknowledgement signals a serious commitment to exploring the benefits of BRICS membership.

The Potential of a BRICS Currency

The prospect of a common BRICS currency is a key factor driving Myanmar's interest. Such a currency could facilitate trade within the BRICS bloc, reducing dependence on the US dollar and potentially mitigating the impact of exchange rate fluctuations. This aligns with a broader trend among BRICS nations to de-dollarize their economies.

BRICS Support for Intra-Bloc Settlements

The BRICS nations are actively working to streamline financial transactions within the bloc. At the BRICS summit, Russia secured a joint declaration encouraging the “strengthening of correspondent banking networks within BRICS and enabling settlements in. This initiative aims to facilitate trade and investment between BRICS member states and potential future members like Myanmar.

Looking Ahead: Myanmar's Path to BRICS Membership

While Myanmar's interest is clear, the path to BRICS membership is not without its challenges. The country needs to demonstrate its economic stability and commitment to the principles of the BRICS alliance. However, the potential benefits of membership, including access to new markets, investment opportunities, and a stable currency, make it a compelling prospect for Myanmar.

Top Sources

Related Articles