Statement of Myanmar Rice Federation
29 June 2024
1. Myanmar mainly operates agriculture and farming-based manufacturing, farming produce exports, and agricultural produce-based MSMEs that benefit both domestic and global food security to a certain extent. All farmers and private farming businesspeople rely on and receive banking services, including agricultural loans, loans for livestock breeding, rural development loans, and small short-term loans.
2. They also adhere to the standards and systems of international banks in their business transactions, such as payments and money transfers, with global development partners and business partners. It was also found that the banks set adequate inspections, actions, and procedures under the lead of the Central Bank of Myanmar in anti-money laundering, countering terrorism, and financing services that break the law and procedures. Global banks associated with international buyers of agricultural produce also cooperate with banks in Myanmar, keeping in line with the guidelines of the international banking system.
3. Thus, propositions and attempts to take action against international banks that work with banks in Myanmar tend to affect the farming sector that most citizens rely on, as well as the food security and food production industries.International organizations should consider accurate on-ground situations, factual data, and practical undertakings and promote collaboration in constructive ways that aim to stabilize banking services.
Myanmar Rice Federation