Services To The Customers
(a) The Myanma Foreign Trade Bank provides international banking services for the State as well as the co-operative, joint venture and private sectors. It is, up to now, concentrating its activities to the field of international banking business i.e export, import, guarantees and remittances, etc. Two types of foreign currency accounts are allowed to be opened in the Myanma Foreign Trade Bank. They are current deposit account and interest bearing six months fixed deposit account.
The foreign currency accounts in the bank are;
- (1) Embassies & Staff
- (2) United Nations & International Organizations
- (3) Local Firms
- (4) National Individuals
- (5) Ministries & State-owned Economic Enterprises
- (6) Foreign Firms
- (7) Foreigner Individuals
- (8) Joint Ventures Corporations The Myanma Foreign Trade Banks is carrying out its operations to the fullest of its capacity for facilitating the smooth functioning of financial services of its customers.
- (b) Exchanging foreign currencies to government staff who is going to foreign countries and accepting foreign currencies from government staff after finished their trips.
- (c) Inward and outward remittances.
- (d) Collecting foreign cheques and draft, collecting credit cards.
- (e) Daily Cash Deposit ( Foreign Currency ) by government departments, Embassies, Private firms, NGO and INGO.
- (f) Issuing the Import letters of credit and drawing, accepting and collecting bills of exchange.
- (g) Advising and confirming letters of credit.
- (h) Issuing and advising bank guarantees.
- (i) Calculate the daily foreign exchange rates for ourselves by using CBM reference rate.
- (j) Communicates and conducts international banking business with foreign correspondent banks.
- (k) Issuing the authorization to pay for the Grant Aid Projects.
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.