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Myanmar’s Civilian Government Takes Control of Seized Funds December 1, 2023

Myanmar’s Civilian Government Takes Control of Seized Funds

The regime-owned Myanma Economic Bank in Kawlin. / National Unity Government

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.

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.

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https://video.nostr.build/07856962fa74e9f599c40992c9a895ee12971c979e82fb0639e99870662cb746.mp4