MT News
The Ministry of Planning and Finance issued a press release on current news for foreign banking services.
While United States of America extended imposing economic sanctions on Myanmar, news have been spread that US has added Myanma Foreign Trade Bank and Myanma Investment and Commercial Bank that are State-owened banks to economic sanction list starting from 20 June 2023.
The State-owned banks are operating their banking services systematically and correctly. Moreover, the banks will continue the foreign exchange and trade payment services systematically without losing money as foreign bank accounts of the State-owned banks are not opened in branches of US banks and banks based in US.
MFTB and MICB provided their foreign banking services without delay although they faced similar sanctions on them.
Announcement is given to the bank account holders not to be worried about the current news and they are able to use their banking services safely. The foreign banking services have been operated by local private banks and branches of foreign banks but only two State-owned banks.
It is reported that banking services will be provided for foreign exchange issues, export/import businesses, and transferring of labour and seafarers’ wages in accordance with the rules set by Foreign Exchange Supervisory Committee and Central Bank of Myanmar.
