YGEA sells pure gold at K2.5 mln per tical

With an aim at reducing gold price, Yangon Region Gold Entrepreneurs Association (YGEA) sold approximately 1,277 ticals of gold bullion supplied by the executive members and the members of the YGEA on 12 October.
This action aims to stabilize the gold price. Each individual except for YGEA members is entitled to buy the gold from one to ten ticals. They can buy the gold bullion at the YGEA’s office by presenting copies of their citizenship scrutiny card and household registration.
On 7 October, Mandalay Region Gold Entrepreneurs Association also sold seven visses of gold to each individual in a bid to reduce the gold price. A gold bar weighs 10 ticals.
The price of pure gold was K2,540,000 per tical then. Moreover, MGEA continues selling depending on the supply of gold bars by gold refineries, traders, shops and members.
The Ministry of Natural Resources and Environmental Conservation sold three visses of gold ingots each in Yangon and Mandalay under the auction system on 6 October. A viss of gold fetched approximately K2.5 million.
Additionally, the ministry has been selling gold coins in Yangon, Mandalay and Nay Pyi Taw.
Tracking the rebound in the kyat-dollar exchange rate, pure gold is priced at K2.6 million per tical in the domestic markets.
The soaring dollar exchanging at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August.
The ministry is, therefore, selling gold bars and coins in order for the gold price to ease.
Furthermore, the governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market and supporting plans of the banks for gold bar transactions to be made with banking system on14 September in Nay Pyi Taw.
Then, on 30 September, the seven private banks opened special counters at the designated 48 branches to offer banking services for gold transactions.
According to CBM’s directive (43/2021) dated 3 November 2021, lump sum payments worth more than K20 million for buying or selling assets have to be processed with the banking system.
The seven private banks are providing banking services by opening special counters at their 48 branches in Yangon and Mandalay regions and Mon State (Mawlamyine) to facilitate gold transactions with the banking payment system.
Those banks are Kanbawza Bank (KBZ Bank), Co-operative Bank (CB Bank) PCL, Ayeyawady (AYA) Bank, Myanmar Apex Bank (MAB), UAB Bank, Yoma Bank and Ayeyawady Farmers Development Bank (A Bank). — NN/GNLM