Myanmar’s central bank has vehemently denied a United Nations report that accused the country’s military government of still having access to funds and weapons for its ongoing war against anti-coup forces. In a statement published in a junta newspaper on Saturday, the Central Bank of Myanmar expressed its “strong objection” to the report by the UN Special Rapporteur, stating that it “severely harms the interests of Myanmar civilians and the relationship between Myanmar and other countries.” The bank asserted that financial institutions under its supervision strictly follow prescribed procedures and engage in comprehensive due diligence measures for all business relationships and transactions.
The UN report, released on Wednesday by the Special Rapporteur on Myanmar’s human rights, Tom Andrews, claimed that while international efforts to isolate the junta have hindered its ability to purchase military equipment, it still managed to import $253 million worth of weapons, dual-use technologies, manufacturing equipment, and other materials in the 12 months leading up to March. The report alleged that Myanmar received assistance from international banks, including those in neighboring Thailand, for these purchases.
Myanmar’s military, facing its most significant challenge since its 2021 coup against the government of Nobel laureate Aung San Suu Kyi, is embroiled in multiple low-intensity conflicts and struggling to stabilize a collapsing economy. Western countries have implemented numerous financial sanctions targeting the military, banks, and affiliated businesses.
The central bank countered that financial transactions involving Myanmar are strictly limited to the importation of essential goods and basic necessities for the civilian population, such as medicines, medical supplies, agricultural and livestock supplies, fertilizers, edible oil, and fuels.
The UN report further indicated that exports from Singapore had significantly declined to just over $10 million in 2023, a drastic drop from over $110 million in 2022. However, it suggested that Thai companies in Thailand partially filled the void, transferring $120 million worth of weapons and materials in 2023, a doubling from the previous year.
Thailand’s foreign ministry, in a statement released on Thursday, stated that the country’s banking and financial institutions adhere to protocols similar to other major financial hubs. The ministry added that the government would investigate the findings of the UN rapporteur’s report. The ongoing conflict in Myanmar, coupled with the economic turmoil, continues to raise concerns about the humanitarian situation and the potential for further instability in the region.
