Myanma Investment and Commercial Bank

Ministry of Planning and Finance / April 11, 2019

The Services of Foreign Accounts Department

1.       Opening Current Deposit Accounts in Foreign currencies.

2.       Accepting Fixed Deposit (in US Dollar).

3.       Allowing withdrawal, Cash Deposit, Account Transfer and Issuing Payment Order for Foreign  Currencies Account holders.


The services of Foreign Remittance Department

  1. Inward Remittance (Non Trade)

         -         Inward Remittance (Non Trade) for different purpose are credit to the customer Accounts from our correspondent banks.

    2. Inward Remittance (Non Trade)

-         Remitting the trade and non trade payments to aboard.


The Services of Export /Import and Trade Financing

1.       Opening the Letter of Credit.

2.       Remitting the payment for Import Bill Payment transactions for Bill Payment

          for Import transactions.

3.       Servicing the Trade Financing to bank’s gold customer who are in line with the criteria of the bank and based on their balance of

          Fixed Deposit and  Reserve amount.

4.       Selling USD for opening Letter of Credit.

5.       Issuing Export Letter of Credit.

6.       Providing Post-Shipment Export Trade Financing under Export Letter of Credit.

7.       Trade Financing

          -        Provide the Short-term Financing to Export/ Import Companies, Foreign Companies, Joint Venture Companies, Foreign Bank

                    (Branches)and the bank’ customer by taking USD as collateral.

(Interest Rate for tenor (8)days is 8.5% per annum and

                   1 month, 3 months is 9% per annum)


The Services of Loan Department

                                                                                           Interest Rate

1.       Overdraft (1 year)                                                      13 % Per annum

2.       Short-term Loan (1 year)                                           12.5 % Per annum

3.       Medium Term Loan (1 year)                                        12 % Per annum

4.       Short Term Financing (Export/Import)                         5  % Per annum

          (8 days to 180 days)

5.       Short - term Trade Financing                                     8.5 % to 9 % Per annum

          (8 days to 180 days)

6.       Bilateral Interbank Lending                                        as arranged

          (1 month, 2 months, 3 months to 1 year)


Other Services


        -       FX Dealing for buying /selling Foreign Currencies between the local banks for development the Interbank Market.

        -       FX Dealing for buying /selling Foreign Currencies for Export/Import companies and foreign investment companies for trade and

                bill payment.

   -      OK$ Mobile Payment Services.


Myanma Investment and Commercial Bank ( Mandalay Branch )


We MICB, provide not only traditional financial banking services but also the following new financial products to our Import / Export Customers and Cross-Border traders.

1. Direct transactions by SWIFT for Exports/Imports and Bill collections

    (Licensing and Non-Licensing)

2. Short-term Trade Financing

     a. Trade Financing Import LC

     b. Post-Shipment Export Financing

     c. Pre-Shipment Export Financing

3. Short-term Financing

  1. Short-term Financing for Import TT/LC
  2. Short-term Trade Financing for Export TT

4.  FX Trading for Importers and Exporters