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MYANMAR – Unable to conduct international trade after the United States sanctioned the junta council’s Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB), the junta regime has been desperately searching for international banks to facilitate foreign currency trade, reported import and export businesses in Yangon.
All export and import businesses are required to open foreign currency accounts at the junta controlled MFTB and MICB banks for transfers, deposits and all import and export dealings. However, after the U.S. sanctioned the two banks, it has become difficult to conduct International trade, especially to receive and make payments internationally via the accounts at MFTB and MICB.
“Singapore has started shutting down bank accounts of Myanmar businesses. Then MFTB and MICB were sanctioned. Bangladesh also froze the accounts of MFTB and MICB. Now, it is really difficult to conduct trade. There was an announcement to use Thai Baht for international transactions but the question is which international bank to use. Which bank will legally allow us to open accounts? That is the main point,” said a member of UMFCCI (Union of Myanmar Federation of Chambers of Commerce and Industry).
Currently, Myanmar businesses are said to be using personal accounts of the owners at Thailand banks to deal with transactions.
The junta council’s Central Bank announced on August 14, allowing the use of Thai Baht for international transactions at banks licensed to handle foreign currency exchange, saying it is to facilitate international transactions.
Moreover, the junta council, via the Central Bank, summoned traders and businesses to Nay Pyi Taw on August 19 afternoon to discuss foreign currency transactions.