Nay Pyi Taw, June (22)
Sanctions imposed by the US government on the junta-controlled Myanmar Foreign Trade Bank (MFTB) and the Myanmar Investment and Commercial Bank (MICB), both of which have been instrumental in facilitating the regime’s use of foreign currency, might have a significant impact on Myanmar’s economy, analysts said.
The US government plans to levy new economic sanctions on the junta-controlled two banks in order to cut off finances for Myanmar’s military junta, according to a Thai news agency, Thai PBS, citing diplomatic sources.
This sanction is aimed at reducing its capacity to oppress its own people and wage war inside the country.
The announcement of the US government’s sanctions raised concerns for business owners, especially in the import and export sectors.
An export-import business owner believes that if the United States imposes sanctions on these entities, it will have a significant impact on the Myanmar economy, particularly inter-country transactions and investment.
However, General Zaw Min Tun, the spokesperson of the military council, stated on June 20 that even if economic sanctions were imposed on state-owned banks, the country would not be affected because the junta did not cooperate with American banks.
He added that foreign banking services in Myanmar are not provided by a single bank, and local private banks are connected to foreign banks through branches, so there is no need to worry.
An economist said the U.S. government’s sanctions were aimed at military leaders, but could cause difficulties for those involved with the two banks, and it remains to be seen whether the sanctions have any effect on Myanmar’s economy.
The military council claimed that the United States’ actions would result in an economic and political crisis in Myanmar, as well as an unnecessary delay in the multi-party democratic system that the people want.
After the military coup, the United States and the West imposed sanctions on the officials of the military council, including the military leader, and are trying to cut off the military council’s sources of income.
The Bloody Money Campaign group and democracy activists claimed that international sanctions imposed on the military coup council and its associates had yet to be effective.
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