Irrawaddy-Feb 24

The Monetary Authority of Singapore (MAS) said regular surveillance of the city state’s banking system had not turned up “significant funds” from Myanmar companies or individuals, after Myanmar people called for a freeze on their country’s foreign reserves, which recently fell under the control of the military regime.

The statement came after Justice for Myanmar (JFM) reported that the military took control of approximately US$5.7 billion (8.03 trillion kyats) in foreign currency reserves and gained access to the global financial system after its takeover of the country. JFM said it had received credible intelligence that some of those funds are deposited with commercial banks in Singapore, including DBS, OCBC and UOB.

Read more at: https://www.irrawaddy.com/news/burma/singapore-says-banks-dont-hold-significant-funds-myanmar.html