Myanmar central bank rejects UN arms deals

Myanmar's central bank has refuted a UN report claiming that the military government retains access to funds and weapons for its conflict with anti-coup forces.

The bank asserts that financial institutions under its supervision adhere to established protocols.

In a statement published on TGE, the Central Bank of Myanmar clearly stated that it strongly objected to the UN Special Rapporteur's report.

The UN report has had a significant impact on the well-being of Myanmar civilians. It has strained the relationship between Myanmar and other nations.

In a recent report, Tom Andrews, the rapporteur on Myanmar's human rights, revealed that despite efforts to isolate the junta.

In the 12 months until March, it imported a staggering $253 million worth of weapons, dual-use technologies, manufacturing equipment, and other materials.

It indicates that while international measures have had some impact on limiting the junta's access to military equipment, it remains a significant player in the arms trade.

According to the report, Myanmar received assistance from international banks, including those from its Southeast Asian neighbour Thailand, for its purchases.

Myanmar's military finds itself in a complex situation, dealing with various low-intensity conflicts and struggling to restore stability to its faltering economy.

The military's coup against Nobel laureate Aung San Suu Kyi's government in 2021 presents the biggest challenge for the military.

Myanmar's military, banks, and associated businesses have faced numerous financial sanctions from Western countries.

According to the central bank, local and international banks conducting transactions with Myanmar have implemented thorough due diligence measures for all business relationships and transactions.

According to a statement, the financial transactions are solely dedicated to importing vital goods and necessities for the people of Myanmar.

These include medicines, medical supplies, agricultural and livestock supplies, fertilisers, edible oil, and fuels.

According to a recent report by the United Nations, Singapore's exports have experienced a significant decline, dropping to slightly above $10 million from the previous year's figure of over $110 million in 2022.

However, Thai companies have stepped in to partially fill this gap. There was a notable increase in the transfer of weapons and materials worth $120 million in 2023, double the amount of the previous year.

In a statement released on Thursday, Thailand's foreign ministry assured that the country's banking and financial institutions adhere to protocols similar to those of other major economic hubs.

The government has also expressed its intention to thoroughly examine the report submitted by the UN rapporteur.