Bangkok Post – Myanmar central bank denies Thai banks helped junta buy weapons

Myanmar's central bank has denied a UN report that the country's military government used Thai banks, among others, to 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 has “expressed its strong objection to the report of the UN special rapporteur,” it said in a statement published in a junta newspaper on Saturday. “The UN report seriously harms the interests of Myanmar civilians and relations between Myanmar and other countries.”

Myanmar human rights rapporteur Tom Andrews reported Wednesday that although international efforts to isolate the junta appear to have hampered its ability to purchase military equipment, it nonetheless imported $253 million worth of military equipment. weapons, dual-use technologies, manufacturing equipment and others. materials in the 12 months until March.

The report said Myanmar received assistance from international banks, including those in neighboring Thailand, for its purchases.

Facing its biggest challenge since its 2021 coup against the government of Nobel laureate Aung San Suu Kyi, Myanmar's military is caught in multiple low-intensity conflicts and struggles to stabilize a flagging economy. ruin.

Western countries have imposed multiple 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 only concern the import of essential goods and necessities for Myanmar civilians, such as medicines and medical supplies, agricultural and livestock supplies, fertilizers, edible oil and fuels,” he said.

The UN report said Singapore's exports fell to just over $10 million from more than $110 million in 2022, but Thai companies in Thailand partially filled the gap, transferring $120 million worth of arms and materials in 2023, double the previous year.

Thailand's Foreign Ministry said in a statement Thursday that the country's banking and financial institutions were following protocols like other major financial centers, adding that the government would review the U.N. rapporteur's report.