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Singapore’s central bank says no ‘significant funds’ from Myanmar firms, citizens in city state
- The Monetary Authority of Singapore’s response came as the government faced renewed pressure over Myanmar’s foreign reserves purportedly deposited in the city state
- The Justice for Myanmar group has claimed some US$5.7 billion of foreign reserves were parked in Singapore’s commercial banks
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Singapore’s central bank on Tuesday said regular surveillance of the country’s US$2 trillion banking system showed Myanmar companies and citizens did not have “significant funds” in the city state.
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The announcement came as the government – under fire for its links to Myanmar’s military – attracted renewed pressure over foreign reserves purportedly deposited in the island nation.
In a statement issued “in response to media queries”, the Monetary Authority of Singapore (MAS) also said that it required financial institutions in the city state to “remain vigilant to any transactions that could pose risks to the institution, including dealings with companies and individuals subject to financial sanctions by foreign jurisdictions”.
Anti-coup protesters have since Monday been sharing a tweet by the Justice for Myanmar group that claimed some US$5.7 billion of foreign reserves were deposited in Singapore’s commercial banks.
The group urged Singapore to “freeze the funds” to ensure that it would not be used by the military, led by Senior General Min Aung Hlaing, to oppress the people.
Min Aung Hlaing and other senior generals have been subject to a fresh wave of targeted US sanctions since their February 1 coup that toppled civilian leader Aung San Suu Kyi and the ruling National League for Democracy.
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