The military council said that the people should not worry about the US sanctioning the Myanmar Foreign Trade Bank (MFTB) and the Myanmar Investment and Commercial Bank (MICB).
General Zaw Min Tun, spokesman for the Military Council, made a statement in response to a Thai PBS news report regarding the US economic sanctions against the above two banks.
“ We would like to inform parents and the public who are communicating with the bank about the emerging news not to worry,” he said. Those two banks are not the US-based banks and has no branches in the US.
He also said that since there are no foreign currency accounts opened at the bank branches, there will be no loss of money and they will continue to provide foreign currency and trade payment services.
Due to the sanctions imposed by the United States on these two Myanmar banks, dollar transactions will be affected. Right now one dollar is equivalent to 3000 Kyats.
The United States imposed economic sanctions on the Myanmar Foreign Trade Bank (MFTB) and the Myanmar Investment and Commercial Bank (MICB) as of June 20 as pressure to find a solution in accordance with the ASEAN common agreements.
Era’sEye
