NUG labels 44 Central Bank of Myanmar workers as terrorists

18 September 2023
NUG labels 44 Central Bank of Myanmar workers as terrorists

The National Unity Government's Central Committee for Counter-Terrorism officially designated 44 government employees from the Central Bank, including Chairman Daw Than Than Swe and Vice Chairmen U Zaw Myint Naing and Dr. Lin Aung, as terrorists, according to a statement on 14 September.

In addition to the Central Bank’s Chairman and Vice Chairmen, the NUG has declared several other individuals as terrorists, including the Permanent Secretary, Director General, Deputy Director General, Directors, and officers at various levels.

The statement reveals that both the Central Bank Chair and her subordinate staff members have veered away from their ethical obligations and responsibilities. What the NUG calls their unbecoming behavior has had a considerable detrimental effect on the public.

The Central Committee for Counter-Terrorism of the NUG stated that instead of utilizing monetary policy to stabilize the domestic currency, the Central Bank opted to print a significant quantity of new Myanmar Kyat banknotes. These funds were then used to provide extensive financial support to the Military Council, resulting in skyrocketing inflation. Consequently, civilians are now dealing with rising commodity prices.

The statement highlights that the Central Bank allowed the Military Council to manipulate the foreign currency market, leading to volatile exchange rates and a significant devaluation of the Myanmar Kyat. As a result, there is a potential scarcity of essential commodities such as oil and medicine.

Additionally, the Central Committee for Counter-Terrorism reports that the Central Bank misused the country's foreign currency reserves, which are meant to be managed in the public's interest. Instead of fulfilling its responsibility, the Central Bank used these funds to procure military weapons, including jet fuel, that have the potential to cause harm to numerous individuals. This misuse of public funds is deeply concerning.

Furthermore, the statement also highlights that these actions align with the definition outlined in Section (3) of the Counter Terrorism Law.

According to the statement from the NUG, ever since the coup in February 2021, the Military Council has been engaging in arbitrary arrests, torture, and the killing of democracy activists and civilians. Additionally, they have been implicated in committing war crimes. The statement asserts that the staff members of the Central Bank are the primary accomplices in facilitating these acts by providing financial support, facilitating cash flow, and procuring weapons, among other things.

According to the Central Committee for Counter-Terrorism, people who have been identified as terrorists will be subjected to actions in accordance with Chapter (14) of the Counter-Terrorism Law (Pyidaungsu Hluttaw Law 23/2014).