Myanmar Central Bank speaks out on alleged arms deals

Myanmar soldiers during a parade in Naypyitaw

Myanmar's central bank has rejected a United Nations report that the country's military government still has access to money and weapons to fight opposition forces, while affirming that financial institutions under its supervision always follow proper procedures.

In a statement cited by Reuters on June 30, the Central Bank of Myanmar expressed its strong opposition to the report of the United Nations special rapporteur. "The United Nations report seriously harms the interests of the people of Myanmar and the relationship between Myanmar and other countries," according to the statement.

Earlier on June 26, UN human rights rapporteur Tom Andrews said that while international efforts appeared to have reduced the Myanmar government's ability to purchase military equipment, it still imported weapons, dual-use technology, manufacturing equipment and other materials worth $253 million in the 12 months to March.

The report said Myanmar had the help of international banks, including those from Thailand, to make the purchases.

Facing its biggest challenge since a coup to seize power in 2021, Myanmar's military is embroiled in multiple conflicts with domestic armed groups and struggling to stabilize the economy .

Western countries have imposed a number of sanctions on Myanmar's military, banks and related businesses.

The central bank said domestic and international banks engaging in transactions with Myanmar have undergone comprehensive due diligence measures for all business relationships and transactions.

“Financial transactions are only for the import of essential goods and basic necessities for the people of Myanmar, such as medicines and medical supplies, agricultural and livestock supplies, fertilizers, cooking oil and fuel,” the statement said.

The UN report said exports from Singapore to Myanmar fell to just over $10 million from over $110 million in 2022, but companies in Thailand filled some of the gap, shipping $120 million worth of weapons and materiel to Myanmar in 2023, double the previous year.

Thailand's Foreign Ministry issued a statement affirming that the country's financial institutions and banks are in compliance like other major financial institutions, adding that the government will review the UN report.

Source: https://thanhnien.vn/ngan-hang-trung-uong-myanmar-len-tieng-ve-cao-buoc-giao-dich-mua-vu-khi-1852406301853066.htm