Myanmar central bank refutes UN report on weapons transactions

NAYPYITAW – Myanmar’s central bank refuted a UN report that the country’s military government can still access money and weapons for its war against anti-coup forces, saying financial institutions under the bank’s supervision followed prescribed procedures.

The Central Bank of Myanmar “expressed our strong objection to the UN special rapporteur’s report”, it said in a statement published in a junta newspaper on June 29.

“The UN report severely harms the interests of Myanmar civilians and the relationship between Myanmar and other countries.”

The rapporteur on Myanmar’s human rights, Mr Tom Andrews, reported on June 26 that while international efforts to isolate the junta appeared to have dented its ability to buy military equipment, it still imported US$253 million (S$343 million) worth of weapons, dual-use technologies, manufacturing equipment and other materials in the 12 months to March.

The report said Myanmar had the help of international banks, including those from South-east Asian neighbour Thailand, for its purchases.

Facing its biggest challenge since its 2021 coup against Nobel laureate Aung San Suu Kyi’s government, Myanmar’s military is caught up in low-intensity conflicts and is grappling to stabilise a crumbling economy.

Western countries have imposed financial sanctions on Myanmar’s military, banks and associated businesses.

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

“The financial transactions are only for the importation of essential goods and basic necessities for Myanmar civilians, such as medicine and medical supplies, agricultural and livestock supplies, fertilisers, edible oil and fuels,” it said.

The UN report said exports from Singapore had plunged to just more than US$10 million from more than US$110 million in 2022 but that Thai companies partially filled the gap, transferring US$120 million worth of weapons and materials in 2023, double from the previous year.

The Thai Foreign Ministry said in a statement on June 27 that the country’s banking and financial institutions follow protocols like other major financial hubs, adding the government will look into the report. REUTERS