Official gold market to be launched soon in Myanmar

Yangon January 15

Myanmar will establish official gold market soon, which will help the country’s gold market to be independent, said the secretary of Myanmar Gold Entrepreneurs Association.

Myanmar still does not have official gold market, and sometimes had to rely on a neighbour for its gold market, said the secretary.

The Ministry of Commerce will take actions to ease regulations on gold trading so that gold can be traded to foreign countries through the official gold market.

The President Office has prepared the grounds for gold market and the Home Affairs Ministry, Mines Ministry and Commerce Ministry have also made preparations.

The secretary said that the country’s gold items could fetch reasonable prices in international market upon emergence of gold market. He added that the official gold market will also help the country’s jewellers improve the quality of their gold products to international standards while discouraging the gold black market.

The pending official gold market will employ electronic system and will be also connected with the country’s banking system. The Myanmar Mining Federation in cooperation with concerned ministries will introduce amendments to the mining law, and will also issue gold trading licenses. The official gold market is slated for launch early this year.

The Myawady Daily