Adding the Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) to the list of economic sanctions by the United States may cause unnecessary delays in the multi-party democratic system, said Maj. Gen. Zaw Min Tun, spokesperson of the State Administration Council (SAC).
He responded to the question regarding the news that the United States will add the Myanmar Foreign Trade Bank (MFTB) and the Myanmar Investment and Commercial Bank (MICB) to the economic sanctions list.
"Doing this kind of thing by the USA is to cause a political and economic crisis. What I want to raise a question is the multi-party democratic system that all the citizens of the country want. In our view, we have clearly said that we will go to a union based on democracy and federalism, and what they are doing is to make it difficult. We see that this type of work may cause unnecessary delays in the multi-party democratic system that our citizens want," he said.
The MFTB and MICB have systematically provided foreign banking services, and the state-owned banks are also conducting their banking activities in accordance with the rules and regulations. Since these banks have no foreign currency account opening in the American-based banks and branches, there will be no financial loss and the foreign currency and trade payment services will continue to be provided in an orderly manner, he said.
He said, "I want to inform the public that they should not be worried because of the news that is coming out. In our country, foreign banking services are not provided by a bank. Local private banks and branches of foreign banks are also providing services."
In addition, transfer of foreign currencies, delivery acceptance issues, export/import matters, and the transfer of worker and seafarer wages are continued to carry out in accordance with the regulations set by the Foreign Exchange Supervision Committee and the Central Bank of Myanmar, he said.
He said, "When we look at why they are doing this, we found out that it is their accusation. We can say that they did it on purpose to limit the inflow of foreign currency into our country. As for us, we stand on the foreign policy that we just mentioned. The SAC chairman has always said political policy and political goals. A true and disciplined multi-party democratic system is firmly guaranteed. Secondly, we strongly guarantee the union based on democracy and federal system. We have already said that we will go to this."
Myanmar is practicing independent, active and impartial foreign policy, friendship and partnership between countries and the policy of peaceful coexistence in the foreign policy stipulated in the Constitution, he said.
