Burma

Myanmar Civilian Govt’s Bond Sale Raises Over $6 Million in Under 12 Hours

By The Irrawaddy 23 November 2021

Myanmar’s civilian National Unity Government (NUG) sold more than US$6 million (10.7 billion kyats) worth of bonds in less than 12 hours on Monday.

In an unprecedented move, the NUG announced early this month that it would be selling bonds to fund the “revolutionary movement” against the dictatorship.

The bonds are valued at $100, $500, $1,000 and $5,000.

The NUG’s Public Voice Television (PV TV) announced on Tuesday morning that bond sales from 2 p.m. to midnight on Monday reached $6.3 million, with more than $2 million of that being raised in the first two hours.

PV TV said in a statement that the high interest in the bond sale was further proof that “the public’s desire to root out the dictatorship is enormous.”

NUG Minister for Planning, Finance and Investment U Tin Tun Naing urged Myanmar people both at home and abroad to participate in fundraising to help the revolution prevail. Buying bonds is one of three ways to contribute, in addition to buying lottery tickets and paying voluntary tax, he said.

A large majority of Myanmar’s population rejects military rule and the junta faces opposition in various forms, including flash-mob protests, armed resistance and advocacy.

The NUG was formed mostly by members of the National League for Democracy and representatives of ethnic minorities and anti-regime protest groups in April.

Anti-regime activities have been largely supported by donations since the February coup, although the NUG officially introduced voluntary taxation in August.

Excluding military spending, the NUG is hoping to raise at least $800 million for social and humanitarian support, including health care, education, social care and funding for military personnel and police officers who defect.


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