CNI News

19 August 2023

 Although Bangladesh has closed the accounts of Myanmar government's two banks, it did not adversely affect the Rakhine- Bangladesh trade, said businessmen. 

Sonali, Bangladeshi state-owned bank has closed the accounts of the Myanmar Foreign Trade Bank (MFTB) and Myanmar Investment and Commercial Bank (MICB) which are owned by the Myanmar government, according to the Bangladeshi news agencies.

Because closing the banks' accounts like that was not closing the accounts of traders, Rakhine-Bangladesh trade was not affected, said an official from Rakhine State Federation of Chambers of Commerce and Industry, to CNI News.

While doing trade between Bangladesh and Rakhine

" When we trade, we also pay by Myanmar kyat in the Sittwe trading camp. For some local products, it's easy to send. There are two border trade gates. One is Sittwe and the other, Maungdaw. We can use Myanmar Economic Bank only in our border trade gates that has been agreed by the two countries. The Bangladeshi government followed the American sanction and has closed the Myanmar Banks' accounts. But trade regulations and agreements between the two countries cannot be violated. It might not be until trade is completely shut down." he said.

Because there are connections between Myanmar Economic Bank and the authorized bank of Bangladesh, trade is convenient for the time being, said traders. 

While doing trade between Bangladesh and Rakhine

Although that  the accounts of the MFTB and the MICB have been closed do not affect the trade for the time being, if the Bangladesh side limits drawing US dollars, commodity orders might decline, said Ko Zaw Min Thein, a trader in Maungdaw to CNI News.

"Later, there might be an impact. If the Bangladeshi government doesn't issue US dollars, it will be difficult to deliver commodities. Everything is normal for the time being. The main exports to Bangladesh are ginger and carp. The rest of exports are less.” he said.

The amount of money the two Myanmar banks had deposited at Sonali Bank in Bangladesh is over one million US dollars and their accounts had been closed over one month ago, said an official of the Sonali bank to a Bangladeshi news agency.