Govt to clarify US$11 billion held in foreign banks

Govt to clarify US$11 billion held in foreign banks

Published on Friday, 04 October 2013 17:02

Parliamentary session in progress in Nay Pyi Taw on October 3 (Photo: EMG)

The government will address in parliament reports over the existence of US$ 11 billion being held in foreign bank accounts in Nay Pyi Taw on Friday.

On the agenda of the third-day session of parliament is a news article printed by a local private newspaper which alluded to the existence of US$ 11 billion being held in foreign banks accounts.

According to the report, the World Bank initially refused to cancel outstanding debts due to money sitting in private accounts abroad.

The report quoted Mr. Jelson Garcia, Asia Program Manager for the Bank of Information Center (BIC), who highlighted that Myanmar had reserves in some foreign accounts but there were different estimated figures and they did not specify which banks.

Myanmar owed over US$ 890 million to the World Bank but the amount was not that large initially and it included the interests. The Central Bank of Myanmar denied the allegation in a press conference on September 20 saying it has "no official record or knowledge" of the possession of US$ 11 billion as reported by the media.

The Lower House Public Accounts Committee chairman, Thurein Zaw said the government considered the issue important enough to be brought to parliament after clarifying it with the media. An Upper House MP said such amounts of dollars could be in foreign banks but they were likely to be owned by crony businessmen.

"I think US$ 11 billion could really be in foreign banks. It may be owned by wealthy businessmen close to the previous government," said MP Hla Swe.

Both BIC and the World Bank have not refuted the claims made by the media and Garcia about the existence of US$ 11 billion being held in five foreign bank accounts. 

Source: http://www.news.myanmaronlinecentre.com/2013/10/05/govt-to-clarify-us11-billion-held-in-foreign-banks-2/