Cenbank advises against transacting with 2 Myanmar banks under US sanctions
The banks in question are the Myanmar Foreign Trade Bank and the Myanmar Investment and Commercial Bank
Banks have been advised not to conduct any transactions with two banks in Myanmar that are under US sanctions.
The banks in question are the Myanmar Foreign Trade Bank and the Myanmar Investment and Commercial Bank, according to a letter sent to banks by the Bangladesh Bank on Tuesday (5 September).
The central bank has advised commercial banks to exercise caution when dealing with these two banks.
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On 21 June, US Department of the Treasury imposed sanctions on these two banks, citing that Myanmar's ruling junta uses them to purchase weapons and other goods from abroad.
On 3 August, the Ministry of Foreign Affairs sent a letter to the Ministry of Finance, requesting action regarding business accounts with the two sanctioned Myanmar banks.
The letter requested necessary measures be taken to snap transactions with these sanctioned Myanmar banks.
Sonali Bank in the country had transactions with these two Myanmar banks and suspended its accounts following the foreign ministry instruction.
Officials from the Bangladesh Bank stated that it is a regular process to alert other banks when sanctions are imposed on a bank, ensuring that no bank engages in transactions with these sanctioned banks and falls under the ban.
