Central Bank declines to accept Russian Mir Payment System

13 October 2022 09:14 am - 23 - {{hitsCtrl.values.hits}}

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Mir is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017
Other avenues explored to facilitate ruble - rupee transactions

By Kelum Bandara

The Central Bank has declined to allow the use of Russian Mir payment system to transact with Russia, Daily Mirror learns.

Russia had introduced the payment system since it had been cut off from the international payment systems as part of sanctions against them by the western world. Russia had proposed its payment system to skirt sanctions. Earlier, Transport and Highways Minister Bandula Gunawardane who visited Russia requested the Central Bank to approve the payment method.

However, Central Bank Governor Nandalal Weerasinghe has declined to approve it on two occasions.

Meanwhile, former Sri Lankan Ambassador to Russia Udayanga Weeratunga who facilitates tourist arrivals from Russia said discussions are underway to facilitate ruble - rupee transactions between People’s Bank and a Russian Bank for the benefit of tourism .

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Comments - 23

Mm Thursday, 13 October 2022 12:21 PM

At least one man with a backbone to say NO! But will he be kicked out for standing for what’s right! You rock Dr. Nandalal!

Maharagma man Thursday, 13 October 2022 12:27 PM

What is the big-headed man Nandalal reasons for his arbitrary decision?

Reformist Thursday, 13 October 2022 01:45 PM

Mate it is the right decision, not a big headed decision. We need people like the Governor to steer this stupid country, not people who don't understand world finances, world order and what is going on in the world. Pleasing Russia is not going to help bankrupt SL.

Uncle Paradise Thursday, 13 October 2022 05:49 PM

Perhaps because, 1. Because doing so may piss-off the west and risk us also getting blacklisted 2. USD is the reserve currency

Lion Thursday, 13 October 2022 12:57 PM

We can have our laws then there will be no cheap oil from Russia. Beggars can’t be choosers

Mahila Friday, 14 October 2022 07:25 AM

(Part I) Beggars’ have the right (sure you wouldn’t dispute that right, even though, some reason – KARMA – resort to Begging) AND USE CHOICE SENSIBLY, when alternatives are LAID in front of them to choose the right path???!!! If street beggar, given option (OFFERED), either 1. 1 Litre of Petrol (which = Rs 450.00 market Price, or 2. CURRENCY USD 1 (= Rs 450.00, is assumed as the current exchange rate), Which one do you think Beggar would choose, or if you are advising the beggar should choose??? May be according to your theory choose the litre of Petrol!!?? (TBC)

Mahila Friday, 14 October 2022 07:29 AM

(Part II) (Forgetting of course, that COMMODITY – PETROL – HAS TO BE CONVERTED to cash BEFORE he could use to have his Dinner or Starve!!?) may be you get the market price or not or may be in a day, or 2 or fortnight!? Typical SL convoluted thinking!!?? The reason MaRa and Co., borrowed Chinese commercial loans at high interest and NO GRACE PERIOD for commencement of repayment!!?? Why we are in the current dilemma, is because of the exemplary CUNNINGNESS, WHICH WE MISTAKE FOR HIGH INTELLIGENCE!!?? The result that “TOM BUFFONERY” has led us to, current situation - BEGGING!!?? (TBC)

Mahila Friday, 14 October 2022 07:52 AM

(Part III) Sure that those LION hearted, who do enjoy and follow the FOREMOST STATUS of preferred religion, proffered by Prince Siddhartha, the Gautama The Buddha, with the support of 6.9 million great minds of high INTELLECT, WISDOM, INTELLIGENCE, FORESIGHT and education TO BACK THOSE CREDENTIALS, would agree that the BEGGARS HAVE A CHOICE??!! Make the CORRECT choice, NOT ANY CHOICE??!!?? NOTWITHSTANDING THE FACT THEY ARE BEGGARS AND MAY BELONG TO A VASSAL STATE??!!?? BLAME, R. Bros., Inc., MaRa specially?! None else??!! Nandalal W (NW), ‘RAISE OUR HAT’, for great decision?! May there be many more NW’s in SL!?

Mudalali Thursday, 13 October 2022 01:43 PM

The central bank is privately owned and operated from overseas. It is only a created illusion that makes Sri Lankans think that the country has control over the bank. Due sanctions and the boycott of Russian goods it will never be allowed by the real powers. It's a shame because Sri Lankans end up losing out.

zooni Thursday, 13 October 2022 01:55 PM

petro dollar is @ deathbed, please get involved in new system in order to survive up coming global economic recession.

Mahesh Thursday, 13 October 2022 02:25 PM

Probably it was rejected as Russia is sanctioned in Europe and most countries. So if we approve, it may cause problems to us. Anyway better to stay away from Russia as they are already loosing a war that should not have started by Putin the donkey.

Ranjan Thursday, 13 October 2022 02:27 PM

Reformist,I totally agree with you. Dr Nandalal knows what he is talking about

Maharagma man Thursday, 13 October 2022 02:44 PM

@Reformist India is always choosing each and every option that best suits them. They are happy to publicise who their Geo-political decision have business benefit to them. I suspect the current Central Bank governor after all his big talk about how he'd leave if not given a lease/term of six year sure pay, is just another money greedy banker. Nandanal allows for continued money printing knowing it'll even to pay his own wages... that's clearly self-interested corruption while ruining for all those outside the money printed wage system. Most other Central Bankers top official would expect our governor is clearly too politically oriented as he wants to keep doing the fix/peg of the dollar which is another nail in the coffin for a economic good future.

Mahila Friday, 14 October 2022 12:31 PM

NW never wanted a fixed term for his services!!/ On the otherhand waht he demanded and got was independance and if there was any political interference he said he cannot do his job as desired and would vacate post pronto?? WHAT is this DREAMLAND stories about 6 years> People who do not know the complete story should not twist it to suit their arguments!!? Perhaps you are referring to the TERM of office of the Governor CBSL, which is normally 6 years!!?? No doubt??

Mahila Friday, 14 October 2022 12:37 PM

Again another falsehood - Pegging/Fixed rate for the USD exchange rate?? The dollar is not pegged since march 2022. the Buffoons before that end march catastrophe, didn't know how to peg or to unpeg and float the SLRs - USD rate, which caused the rate to plunge so 'hard down' to 475 to 500 rupees and inflate the cost of living??? Now with interest rate changes (Upped) the USD has found the natural balance in trading!!??

Tak Tik Tuk Thursday, 13 October 2022 03:16 PM

Nandalal is a pro-American puppet. getting MIR will definitely benefit Sri Lanka with much needed foreign currency that will flow in. USD is going to crash eventually, we need to diversify our foreign reserves. Rubles and Renminbi is the future.

vithura Thursday, 13 October 2022 03:28 PM

Absolutely the right decision, only those who are incapable of grasping the ramifications of doing otherwise would criticise it.

Jef Thursday, 13 October 2022 05:28 PM

We need to look at other alternative measures rather declining if done in away that benifits both countries economy financially without any conflicts will be ideal

maha Thursday, 13 October 2022 06:24 PM

This is very good suggestion benefiting both countries. Specially, Sri Lankan Medical Students studying in Russia faces severe hardship purchasing day to day living such as foods due to suspending VISA cards. Only option is available to parents is sending money via unofficial channels for their survival. Also, Russian tourist would encourage visiting Sri Lanka with own currency. However unfortunately the Governor see this differently, ultimately who benefited ?

Dilshan Perera Thursday, 13 October 2022 08:05 PM

Pleasing the West is not going to help bankrupt Sri Lanka.. what a corrupt man to be bribed by the Anglo-Saxons in refusing hard cash for his own country.. NATOs war of deceit is not our problem, it's theirs.. there are so many such red tape against bringing money into the country.. and then the elites wonder why we're penniless.. because we keep begging from the West and waste our money on their imports! That's WHY!

dickie bird Thursday, 13 October 2022 09:38 PM

Why do we have to suck up to the West on every issue. Don't we have our own freedom to do what we want? We need Russia too. They have defended us many a times.

Chamara Friday, 14 October 2022 08:49 AM

Now .its Nandalal… If this was before its MR .not the central bank head . what a pathetic comment What reason to reject russian payments ?? Ranil is born without a back born . He will sell SL soon

J.N.MUDIAPPA Tuesday, 18 October 2022 11:36 AM

This is the type of professional caliber we need in our motherland. Mr . Nandalal is a man of honour.

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Central Bank declines to accept Russian Mir Payment System

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