The Central Bank of Myanmar has firmly rejected a recent United Nations report that alleges the country's military government continues to procure funds and arms despite international sanctions. In a statement, the bank asserted that financial institutions under its oversight adhere strictly to established regulations. 

The bank's response criticized the UN report for allegedly harming civilian interests and straining Myanmar's international relations, according to a report by Reuters.

UN rapporteur Tom Andrews' report claimed that Myanmar, over the past year, imported $253 million worth of arms, dual-use technologies, and other materials. It also accused international banks, including those from Thailand, of facilitating these transactions, despite efforts to isolate the junta.

Myanmar’s military, which seized power in a 2021 coup ousting Nobel laureate Aung San Suu Kyi's government, is currently embroiled in several conflicts and is struggling with severe economic instability. In response, Western nations have imposed extensive financial sanctions targeting Myanmar's military, its banks, and associated enterprises.

The central bank emphasized that both local and international banks conducting business with Myanmar are subject to rigorous due diligence procedures. "Financial transactions are strictly for importing essential goods and necessities for Myanmar's civilian population, including medicines, agricultural supplies, fertilizers, edible oils, and fuels," the bank's statement read.

The UN report noted a sharp decline in exports from Singapore to Myanmar, dropping from over $110 million in 2022 to just above $10 million. Conversely, Thai companies reportedly transferred $120 million worth of weapons and materials to Myanmar in 2023, doubling the previous year's figures. Thailand's foreign ministry has responded by affirming that its financial institutions follow international protocols and that the government will investigate the UN's findings.

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