Myanmar's shadow government hopes to raise US$1b from revolution bond

Published Thu, Nov 25, 2021 · 12:15 AM

[MYANMAR] A parallel government floated by the supporters of Myanmar's ousted leader Aung San Suu Kyi aims to raise as much as US$1 billion from a sale of bonds to fund its efforts to topple the military regime.

The National Unity Government raised US$9.5 million within 24 hours of the opening of the sale of its so-called spring revolution special bonds, Public Voice Television, a channel run by the group, reported on Wednesday.

The bonds will be sold in phases, with the first tranche expected to raise US$200 million from mostly Myanmar citizens overseas. The two-year notes, offered in four denominations of US$100, US$500, US$1,000 and US$5,000, carry no interest.

The demand for the revolution bonds was so overwhelming that it disrupted the digital banking services of some banks, according to the Public Voice Television. DBS Group Holdings, which faced a second day of outages in its online banking services, said on Twitter that there was no truth in rumours that the disruption was linked to the sale of bonds by Myanmar's shadow government. Military-run government spokesman Zaw Min Tun didn't immediately respond to calls requesting comments.

The National Unity Government has declared war against the military regime that seized control of the country in February, with its supporters often clashing with security forces. Nearly 1,300 people have been killed and more than 10,000 have been detained since the coup, according to the Assistance Association for Political Prisoners, a human-rights organization.

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