Complaints to be filed against actions affecting financial market stability


Complaints can be filed against actions that can affect the stability of the financial market, according to a statement released by the Monitoring and Steering Committee on the Gold and Currency Market.
The state administration council has formed the Monitoring and Steering Committee on the Gold and Currency Market to control and stabilize domestic gold and currency prices, which are very important to domestic and foreign trades. The committee has taken measures to form a complaint scrutiny team to assist in modifying the stability of domestic currency prices.
Thus, the financial market harming activities such as the illegal holding of foreign currency, illegal trade, manipulation, selling or transferring of the ownership of basic assets like property or cars, not complying with the payment restrictions of the Central Bank of Myanmar and being involved in changing the cash with a percentage. If people find such activities, they shall complain to the complaint scrutiny team of the Monitoring and Steering Committee on Gold and Currency Market through email: [email protected] or phone: 067-3409463 or 09- 43006833.
The objectives of the committee are to inspect and prosecute against market manipulation, check if there is compliance with payment rules or not, proceed against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, rules and regulations in line with the official directives, illegal procurement of foreign currency, illegal trade and taking legal actions against price manipulators.
Currently, the pure gold price is around K2 million per tical (0.578 ounce or 0.016 kilogramme) in the domestic market while the dollar Vs kyat exchange rate is around K 2,000 per dollar.
The pure gold price was up to K2,220,000 per tical in September last year in the domestic market, while the US dollar exchange rate touched a high of above over K3,000 per dollar.
Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on Gold and Currency Market was formed on 17 December 2021 as the gold and currency market stability play a crucial role in trade facilitation. — NN/GNLM

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