SAC Information Team Leader Maj-Gen Zaw Min Tun Response to News and Various Speculations that the U.S. will add Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) to List of Economic Sanctions

The SAC Information Team Leader Maj-Gen Zaw Min Tun responded the news and various speculations that the U.S. will add Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) to the list of economic sanctions on Monday. Excerpts from the explaination of the SAC Information Team Leader Maj-Gen Zaw Min Tun are as follows –

• The US has placed one-sided economic sanctions on Myanmar even in the past.
• Thai PBS media agency reported the news describing that U.S. would add Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) to the list of economic sanctions.
• Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) has systematically performed its banking services since in the past in line with rules and regulations.
• The MFTB and MICB do not open foreign currency accounts in the banks based in the U.S. and U.S. bank branches and therefore, there will be no financial loss. So, the banks will continue to provide services of trading with foreign currencies systematically.
• The banking services of foreign currency are not performed by only the two State-owned banks in the country and the processes are being undertaken by private banks in local and foreign bank branches.
• In line with rules and regulations adopted by the Foreign Currency Supervisory Committee and the Central Bank of Myanmar-CBM, the services of transfer, payment and receiving of foreign currencies, imports and exports, transfer of employees and seamen salaries will continue to be conducted conveniently.
• Myanmar is practicing independent, active and non-aligned foreign policy and friendly relations with nations and upholds the principles of peaceful co- existence among nations.

Such action of US intends to create economic and politic crisis in Myanmar that might provoke unnecessary hindrances and delays in marching towards a Nation of democracy inspired by entire population.

Source: Myawady Daily Newspaper (21-6-2023)

• Thai PBS media agency reported the news describing that U.S. would add Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) to the list of economic sanctions.
• The MFTB and MICB do not open foreign currency accounts in the banks based in the U.S. and U.S. bank branches and therefore, there will be no financial loss. So, the banks will continue to provide services of trading with foreign currencies systematically.
• In line with rules and regulations adopted by the Foreign Currency Supervisory Committee and the Central Bank of Myanmar-CBM, the services of transfer, payment and receiving of foreign currencies, imports and exports, transfer of employees and seamen salaries will continue to be conducted conveniently.
• Such action of US intends to create economic and politic crisis in Myanmar that might provoke unnecessary hindrances and delays in marching towards a Nation of democracy inspired by entire population.