Myanmar’s military rulers attempted to move about US$1 billion held at the Federal Reserve Bank of New York days after seizing power on February 1, prompting US officials to put a freeze on the funds, according to three people familiar with the matter, including one US government official.
The attempt, which has not been previously reported, came after Myanmar’s military installed a new central bank governor and detained reformist officials during the coup. The United States, Canada, the European Union and Britain have all issued fresh sanctions following the coup and the army’s subsequent deadly crackdown on demonstrators. The United Nations said yesterday that at least 54 people have been killed since the coup. More than 1,700 people had been arrested, including 29 journalists.
Two sources told Reuters the executive order was designed to provide the New York Fed with the legal authority to hold the US$1 billion of Myanmar reserves indefinitely.Myanmar’s reserves would be managed by part of the New York Fed known as Central Bank and International Account Services , where many central banks keep US dollar reserves for purposes such as settling transactions.
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