MEB starts rendering FOREX services since 22nd April with the approval of the Ministry of Finance and Revenue.
MEB has established 48 Correspondent Banks in 10 countries and maintained 32 nostro accounts in USD, Euro, THB, SGD,CNY and Japanese Yen with correspondent Banks in Singapore, Japan, Thailand, India, Bangladesh and China. MEB make settlements of its international payment through these nostro accounts.
Myanma Economic Bank became a member of SWIFT in March, 2004 and has been sending and receiving financed message by SWIFT. SWIFT BIC is MYEBMMMY.
MEB’s FOREX Department provides the following services;
- Opening foreign currency demand deposit accounts both in MEB Head Office and its authorized branches in some townships and in border trade areas.
- Foreign currency Account transfers with foreign Correspondent Banks and Domestic Banks such as MFTB,MICB.
- Buying and Selling of Foreign Currency from Ministries and Departments.
- Issuing, advising and confirming Letter of Credit.
- Drawing, accepting and collecting Bill of exchange.
- Sales and purchases of traveler cheques and notes.
- Six month Fixed Deposits account.
Border Trade Services
MEB also provides banking services in border areas to facilitate border trade transactions. The following Branches render border trade services:
- Muse Branch
- Ban Maw Branch
- Tachilake Branch
- Kyaing Ton Branch
- Mywaddy Branch
- Kaw Thaung Branch
- Sittwe Branch
- Maungdaw Branch
- Tiddim Branch
- Tamu Branch
- Myitkyina Branch
- Kunlong Branch
- Myatke Branch
- Dawei Branch
- Htantalan Branch
- Pharsaung Branch
Myanma Economic Bank, Maungdaw Branch and Sittwe Branch and Bangladesh Banks such as Sonali Bank, Teknaf Branch, AB Bank Ltd Teknaf Branch provide US Dollar Bank Draft up to USD 50000 per transaction for essential items and USD Bank Draft up to USD 30000 per transaction for other commodities for border trade settlement. Transactions over USD 30000 can make settlement with Letter of Credit.
Myanma Economic Bank, Tamu Branch and United Bank of India, Moreh branch can provide US Dollar Bank Draft up to USD10000 per transaction for Myanmar – India border trade settlement and also Euro , Singapore Dollar and any other freely convertible currencies can be used in normal trade transactions.
Myanma Economic Bank, Muse Branch and Branches of China Construction Bank (CCB), Agricultural Bank of China (ABC), and Industrial and Commercial Bank of China (ICBC) in Ruili can provide no limitation amount of Yuan Bank Draft for border trade settlement and using Letter of Credit (LC) in Myanmar-China border Trade will arrange in both sides.