A shopkeeper counts kyat notes at his store in the Pazundaung market in Yangon on March 21, 2020. (AFP)
A shopkeeper counts kyat notes at his store in the Pazundaung market in Yangon on March 21, 2020. (AFP)

German company halts supply of Myanmar bank note components

Giesecke and Devrient said it was halting deliveries with immediate effect, and had already been restricting supply to Myanmar’s state-owned print works for several weeks.

By AFP

A German company that supplies products to make Myanmar bank notes has suspended deliveries in response to growing violence following the military coup to oust civilian leader Daw Aung San Suu Kyi, it said today.

Giesecke and Devrient said in a statement that it was halting all deliveries to Myanmar’s state-owned Security Print Works “with immediate effect”.

“This is a reaction to the ongoing violent clashes between the military and the civilian population,” the Munich-based company said.

The company had already restricted its supply of raw materials, supplies and system components for the production of banknotes in recent weeks.

Myanmar’s military has unleashed deadly violence on protesters who have risen up against the military’s ousting of Aung San Suu Kyi’s government on February 1.

More than 500 civilians have been killed in the violence, and world powers have ramped up their condemnation of the military’s campaign against the anti-coup movement.

The United States, Britain and the European Union have announced a range of sanctions targeting top police and military commanders linked to the coup, as well as military-owned companies.

As the EU sanctioned Senior General Min Aung Hlaing and 10 other officials last week, German Foreign Minister Heiko Maas called the violence “completely unacceptable”. 

The US State Department has ordered the departure of non-essential diplomatic staff and their families from Myanmar, and Japan – a top donor to the country – has halted new aid payments.

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