Adding to list of economic sanctions: SAC Information Team Leader responds the news

The SAC Information Team Leader Maj-Gen Zaw Min Tun responded the news and various opinions 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.

Regarding that matter, the Maj-Gen said that this news is reported by Thai PBS and it has not yet found that the U.S. has announced officially. The U.S. has already imposed economic sanctions on Myanmar one-sidedly.

However, Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) have been conducting foreign banking services systematically, in line with rules and regulations. Both MFTB and MICB and other state-owned banks haven’t opened foreign currency accounts at the banks based in the U.S. nor the U.S. bank branches.

Meanwhile there are local private banks and foreign bank branches. That’s why, the public doesn’t need to worry about financial loss as public banks will render systematic services such as foreign currency payment for trading.

In line with rules and regulations adopted by the Foreign Currency Supervisory Committee and the Central Bank of Myanmar, the payment and transfer of foreign currencies for imports and exports, transfer of salaries for employees and seamen will be conducted conveniently.

Myanmar is practicing independent and active foreign policy of peaceful co-existence with mutual respect. Their accusation intends to restrict inflow of foreign currency to Myanmar. The Chairman of the State Administration Council always says that it guarantees building a genuine multi-party democratic system, moving forward to the Union, based on democracy and federalism.

In the contrast, the act of U.S. intends Myanmar to experience both political and economic crisis, hindering the people’s aspiration of democratization process.