Announcement of Ministry of Planning and Finance on 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 Ministry of Planning and Finance released the following statement describing that regarding the news saying that the U.S. has added the State-owned banks of Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) to the list of economic sanctions on 20 June 2023, and people can trustfully continue to contact with and access the banking services as follow

Announcement

  1. As US has placed one-sided economic sanctions on Myanmar even in the past, there emerge news stating that the U.S. has added the State-owned banks of Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) to the list of economic sanctions on 20 June 2023.
  2. The State-owned banks performing systematically and providing banking services in line with rules and regulations. Moreover, there is no opening of foreign currency accounts conducted by the state-owned banks in the banks based in the U.S. and U.S. bank branches and therefore, there will be no financial loss trading with foreign currencies will continue to perform systematically. Despite similar sanctions Myanmar encountered in the past, the MFTB and MICB managed to systematically carry out its banking services without any delay.
  3. Regarding the emerging news, the people are informed that they can trustfully continue to contact with and access the banking services without worry. 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 transfer, payment and receiving of foreign currencies, imports and exports, transfer of employees and seamen salaries will continue to be conducted conveniently, it is announced.

Ministry of Planning and Finance

 

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

 

  1. The Ministry of Planning and Finance released a public statement that people need not worry about the news saying that U.S. has added the two State-owned banks of Myanmar to the list of economic sanctions and, 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 in line with rules and regulations adopted by the Foreign Currency Supervisory Committee and the Central Bank of Myanmar-CBM.

 

 

engdate: 
Wednesday, June 21, 2023 - 18:15
month: 
June, 2023