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Government of the Union of Myanmar
Ministry of Finance and Revenue
Myanma Foreign Trade Bank |
History
Myanmar has replaced the centrally planned economy with a more liberalized economic policy based on market oriented economic system since 1989. In moving towards a sound and efficient financial system , it would facilitate to conduct in domestic and external trade, promoting the role of private sector and opening up to foreign investment. Amendments of the existing laws were made and new laws were promulgated in banking, customs and taxation areas.
Myanma Foreign Trade Bank is home to foreign business in Myanmar, it is originated as Foreign Department of The State Commercial Bank established in 1954. All local banks and foreign banks were nationalized in 1963 and new bank law was enacted in 1976 and Myanma Foreign Trade Bank took over Foreign Exchange Division of Union of Burma Bank. In 4th July 1990, the Financial Institutions of Myanmar law was enacted , Myanma Foreign Trade Bank was deemed to have been established and attained the status of a separate legal entity and provides the international banking services for the state as well as cooperative, joint venture, diplomat, foreign embassy, individual and private sector.
Profile
 Myanma Foreign Trade Bank, a state owned bank, is one of the leading banks for foreign banking business in Myanmar. MFTB is doing business in accordance with the Financial Institutions of Myanmar Law, to conduct the international banking and financial services, to provide the external trade and non-trade foreign exchange operations in harmony with market oriented economy.
Myanma Foreign Trade Bank has no branches and subsidiaries in domestic and abroad . Two types of foreign currency accounts are allowed to be opened in MFTB. They are current deposit account and interest bearing six months fixed deposit account. The total number of foreign currency current accounts is over 80,000 including six months fixed deposits accounts as of March 31, 2007. The Myanma Foreign Trade Bank is carrying out its operations with full capacity to fulfill the following main functions:-
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Providing foreign banking services such as maintaining foreign currencies accounts |
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Issuing , advising and confirming letters of credit |
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Drawing , accepting and collecting bill of exchange |
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Issuing and advising bank Guarantees |
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Sales and purchases of traveler's cheque and foreign bank notes. |
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Collecting the proceed sold by credit cards. |
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Accepting Foreign Exchange Certificate (FEC) issued by the Central Bank of Myanmar. |
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Buying and selling of foreign currencies and FEC |
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Calculates and announces the daily foreign exchange rates, monthly certified average |
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rates and 6 month average rates. |
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Communicates and conducts international banking business with foreign correspondent |
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banks. |
Since MFTB is focusing on both the government and private sectors, its foreign exchange transactions of trade and non-trade volume are larger than others. MFTB is one and only bank in Myanmar which endeavors to cooperate with other overseas financial institutions through Cooperation Agreements and Credit Line Agreements in order to support and development of various sectors. In collaborations with the Export Import Banks of neighboring countries, Myanma Foreign Trade Bank has been assisting financial facilities to implement important projects in the areas of infrastructure, agriculture, industrial and telecommunication sectors such as Machinery Rehabilitation project, Earth moving Equipment project of Ministry of Industry (2), Yangon Mandalay Trunk Line Railway project of Ministry of Rail Transportation, Telecommunication projects of Ministry of Telecommunication, Hydropower projects of Ministry of Electric Power.
As the bank is striving for improving its services in order to meet the needs of its customer, the bank has received the Century International Quality Era Award in the Gold Category for the Year 2007 which is presented by the Business Initiative Directions (BID), Madrid, Spain for achievements in quality, leadership, excellence and customer satisfaction. The bank, at present, is performing its international banking services through its comprehensive network of over 370 banks in 50 countries.
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