A shadow government in Myanmar said it has raised $6.3 million on the opening day of its inaugural bonds sale, in its biggest move yet to generate funds for its "revolution" to topple the ruling military junta .
Myanmar has been in bloody turmoil since the military's February 1 coup and movements that have sprang up to challenge the junta have been mainly supported by public donations.
The National Unity Government (NUG), an alliance of pro-democracy groups, ethnic minority armies and remnants of the ousted civilian government, said bonds went on sale on November 22 to mainly Myanmar nationals overseas in denominations of $100, $500, $1,000 and $5,000, with two-year tenures.
Even though the bonds will generate no interest income for buyers, $3 million worth were sold in the first three hours, the NUG said, increasing to $6.3 million by the end of the day. Its overall target is $1 billion.
"From this, I witness the enthusiasm of people in the case of uprooting the fascist military," NUG spokesman, Dr. Sasa, said on Facebook.
The junta has outlawed the NUG and designated it a "terrorist" movement.
The NUG has not disclosed how the funds would be used.
A spokesperson for the junta did not immediately respond to a request for comment.
Opposition groups have been trying to stifle the military's efforts to consolidate power by encouraging people not to pay taxes and to join protests, a civil disobedience campaign and boycotts of army-linked businesses and a national lottery.
Buyers of the bonds made payments via international transfers to an account in the Czech Republic, the NUG said.
A 27-year-old Myanmar citizen, who asked not to be named for security reasons, said she invested $500 in the bonds.
"We do not expect to get money back after two years. We are buying it because we want to contribute to the revolution," she said.
