Myanmar’s shadow government raises over $6 million from “revolution bonds”

Myanmar’s revolution bonds come in four denominations and can be bought through a bank account the Czech Republic

Myanmar’s civilian National Unity Government (NUG), which sees itself as the country’s legitimate administration in opposition to the ruling military junta, has been surprisingly successful in placing what it calls its own sovereign bond, or “revolution bond,” a move announced earlier this month.

In an unprecedented deal, NUG sold more than $6 million worth of bonds in less than 12 hours on November 22 through foreign banks, The Irrawaddy reported.

The NUG’s broadcaster Public Voice Television announced on the following morning that bond sales from 2pm to midnight reached $6.3 million, with more than $3 million being raised in the first three hours. Buyers of the bonds made payments via international transfers to an account in the Czech Republic, the report said, without giving details about financial advisors or banks involved.

The bond was sold mainly to Myanmar nationals overseas in denominations of $100, $500, $1,000 and $5,000 with a two-year tenure without interest. Proceeds would be used to fund the “revolutionary movement” against the dictatorship in Myanmar, the shadow government said.

$1-billion in funds targeted for the anti-junta fight

The overall target of NUG’s fundraising is $1 billion in the long run. Apart from the revolution bonds, people both overseas and at home can opt to buy tickets of an alternative “state lottery” set up by the shadow government or pay voluntary tax as a contribution to the anti-junta fight, in addition to donations.

These options would encourage people not to pay taxes to the junta-led government and boycott army-linked businesses and the national lottery as part of a civil disobedience campaign, the NUG said.

Excluding military spending, the NUG is hoping to raise at least $800 million for social and humanitarian support, including healthcare, education, social services and funding for military personnel and police officers who defect from Myanmar’s army.



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[caption id="attachment_37811" align="aligncenter" width="640"] Myanmar's revolution bonds come in four denominations and can be bought through a bank account the Czech Republic[/caption] Myanmar’s civilian National Unity Government (NUG), which sees itself as the country’s legitimate administration in opposition to the ruling military junta, has been surprisingly successful in placing what it calls its own sovereign bond, or “revolution bond,” a move announced earlier this month. In an unprecedented deal, NUG sold more than $6 million worth of bonds in less than 12 hours on November 22 through foreign banks, The Irrawaddy reported. The NUG’s broadcaster Public Voice Television announced on...

Myanmar’s revolution bonds come in four denominations and can be bought through a bank account the Czech Republic

Myanmar’s civilian National Unity Government (NUG), which sees itself as the country’s legitimate administration in opposition to the ruling military junta, has been surprisingly successful in placing what it calls its own sovereign bond, or “revolution bond,” a move announced earlier this month.

In an unprecedented deal, NUG sold more than $6 million worth of bonds in less than 12 hours on November 22 through foreign banks, The Irrawaddy reported.

The NUG’s broadcaster Public Voice Television announced on the following morning that bond sales from 2pm to midnight reached $6.3 million, with more than $3 million being raised in the first three hours. Buyers of the bonds made payments via international transfers to an account in the Czech Republic, the report said, without giving details about financial advisors or banks involved.

The bond was sold mainly to Myanmar nationals overseas in denominations of $100, $500, $1,000 and $5,000 with a two-year tenure without interest. Proceeds would be used to fund the “revolutionary movement” against the dictatorship in Myanmar, the shadow government said.

$1-billion in funds targeted for the anti-junta fight

The overall target of NUG’s fundraising is $1 billion in the long run. Apart from the revolution bonds, people both overseas and at home can opt to buy tickets of an alternative “state lottery” set up by the shadow government or pay voluntary tax as a contribution to the anti-junta fight, in addition to donations.

These options would encourage people not to pay taxes to the junta-led government and boycott army-linked businesses and the national lottery as part of a civil disobedience campaign, the NUG said.

Excluding military spending, the NUG is hoping to raise at least $800 million for social and humanitarian support, including healthcare, education, social services and funding for military personnel and police officers who defect from Myanmar’s army.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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