NUG confiscates millions of dollars from private banks in resistance-controlled Kawlin

Myanmar’s publicly mandated National Unity Government (NUG) announced on Thursday that their forces had seized more than 44 billion kyat (US$20.9m) from five private bank branches in the district seat of Kawlin in upper Sagaing Region, which is under the control of the resistance. Some 32.6b kyat ($15.5m) was confiscated from Kanbawza Bank, 9.2b ($4.38m) from Myanma Apex Bank, more than 1b ($475,837) from Ayeyarwady Bank, 310m ($147,500) from Global Treasure Bank, and more than 280m ($133,234) from Tun Commercial Bank, the statement said. The declaration followed an NUG announcement on November 14 claiming that its forces had taken control of more than 900m kyat ($428,254) from the state-owned Myanmar Economic Bank in Kawlin. It also alleged that there had been attempted break-ins to its vaults, but that these were thwarted and no public funds were lost. The NUG did not specify who attempted this reported theft. The announcement said that the confiscated funds would be officially recorded by the NUG’s interim Central Bank and the administration would manage it as a union treasury fund. NUG finance minister Tin Tun Naing said at a recent press conference that the confiscated monies would “not be used for self interest”, but rather, for the revolution. On November 6, after four days of fighting, resistance groups including the People’s Defence Forces and the Kachin Independence Army established full control over Kawlin. It marked the first time since the 2021 coup that the resistance had taken over a district-level city. According to a statement issued by the NUG’s defence ministry, the allied forces defeated junta troops stationed at several locations in the town, including the Myanma Economic Bank, and seized more than 50 weapons. They have since been setting up an administration in Kawlin, and many displaced residents have reportedly returned to their homes.

NUG confiscates millions of dollars from private banks in resistance-controlled Kawlin

The finance minister for the publicly mandated administration says the funds will be used for the resistance movement and ‘not for self interest’

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