28 January 2018
Not to let the gold trading affect the local market, a steering committee has been formed.
The government permits the committee import and export for emerging a legal gold trading market and penetrating international market with Myanmar’s Gold, gold jewelry and accessories.
According to the announcement on the 22nd of January 2018, gold, gold Jewelry and accessories can be traded via air and sea as well as through border.
There are plans to export gold to India, General Secretary of Myanmar Gold Entrepreneur Association said.
General Secretary, Myanmar Gold Entrepreneurs Association, Ohn Myaing said “We now can export and import 99.9% pure gold. Today, India has a huge market so we’re planning to export there via Singapore.”
The Steering Committee is comprised of officials from the Ministry of Planning and Finance, Ministry of Commerce, Ministry of Natural Resources and Environmental Conservation and Myanmar central gold market.
General Secretary, Myanmar Gold Entrepreneurs Association, Ohn Myaing said “The committee will permit gold export if there is enough supply in the local market. If there is a high demand in local market, the committee will permit import. Gold trade will contribute to the country’s economic development and will raise the country’s GDP.”
The local gold price depends on the global gold price. At present, the gold price is around 950,000 kyats per tickle.