The Interim Central Bank (ICB) established by the civilian National Unity Government (NUG) will oversee the management of more than 44 billion kyats seized by resistance forces from five private banks in Kawlin town in Sagaing Region.
The seized funds will be managed as a national budget by the ICB, the NUG said on Thursday.
It said more than 32.6 billion kyats were seized from the Kanbawza Bank, 9.4 billion kyats from Myanmar Apex Bank, 1.7 billion kyats from the Ayeyarwady Bank, 286 million kyats from the Tun Commercial Bank and 319 million kyats from the World Treasure Bank were secured.
The NUG said there were signs of attempted break-ins at the Kawlin banks’ vaults.
“The NUG acted swiftly to prevent any losses, assuring the safety of the funds,” the statement said.
More than 900 million kyats were also seized from the regime-owned Myanma Economic Bank, the NUG reported on November 14.
Kawlin town was seized by the Kachin Independence Army and People Defense Forces on November 6 after four days of fighting.
NUG’s Ministry of Planning, Finance and Investment and the ICB launched the Spring Development Bank in July run entirely with crypto and blockchain in a bid to fund the revolution.
The bank said it has reached its target to sell US$10 million in shares in 10 days after offering its first shares on November 17.
It has attracted more than 80,000 members from various countries since its launch.
