Currency

Myanmar to Join and Accept BRICS Currency in 2024


With the economic alliance set to expand again this year, Myanmar has expressed its interest in joining and accepting the BRICS currency in 2024. Indeed, the country has recently expressed its allegiance with the collective common currency efforts. Subsequently, it has noted its interest in being included.

The country’s Minister of Investment and Foreign Economic Relations, Kan Zaw, discussed the process this week. The Minister affirmed that they had been recognized as a “dialogue pattern in the SCO (Shanghai Cooperation Organisation.” Additionally, they “are interested in BRCIS and the BRICS single currency initiatives,” Zaw added.

new brics countries flagsnew brics countries flags
Source: Getty Images

Also Read: BRICS: 30 New Countries Prepare To Join Alliance in 2024

Myanmar is The Latest Country to Share BRICS Interest

Throughout this last year, the BRICS economic alliance has enjoyed rapid growth. The bloc has seen its ranks expand with a notable invitation of six countries to its 2023 Annual Summit. Moreover, it has grown in its de-dollarization initiatives as it seeks to promote the use of its local currencies.

With the 2024 Summit on the horizon, a plethora of countries are seeking to become a part of the geopolitical collective. Specifically, Myanmar is the latest to express its interest in both joining and accepting the BRICS common currency in 2024. The nation’s Minister of Investment and Foreign Economic Relations, Kan Zaw, made that interest clear this week.

china asian leaders brics countries flagschina asian leaders brics countries flags
Source: Reuters

Also Read: BRICS: Bank of America Forecasts Future of US Financial System

If the bloc agreed, the country would be one of the latest to be added to the growing BRICS alliance. At the start of 2024, five countries represented the fruit of the first expansion effort for the bloc since 2001. Specifically, it saw Saudi Arabia, the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia accept invitations to join the alliance.

The only country to reject an invitation was Argentina, following a regime change in October 2023. However, the bloc has already confirmed to repeat similar expansion plans at the upcoming Annual Summit. Yet, there is no specific number of countries to be included. Conversely, India has previously stated that the bloc is likely to offer another six invitations.



Source link

Leave a Response