COVID-19 impacts stop gold exports

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The gold export has stopped owing to the COVID-19 pandemic, said Chair U Myo Myint of the Yangon Region Gold Entrepreneurs Association (YGEA).
As international passenger flights have been banned, there is no export demand for gold yet. However, export procedures have been prepared, he continued.
“There is no foreign demand, yet the gold is ready for export. They appraise the gold and set the price depending on the prevailing market price. Then, it can be exported,” U Myo Myint elaborated.
The Ministry of Foreign Affairs and the Ministry of Transport and Communications have declared temporary measures to prevent the importation of COVID-19 to Myanmar through air travel since 29 March 2020. They are extended until 31 March 2022, as per the notification released by the Central Committee on Prevention, Control and Treatment of Coronavirus Disease 2019 (COVID-19) on 18 March 2022.
As the fatality rate from COVID-19 and the infection rate have significantly dropped, the temporary suspension on international passenger flights will be lifted from 17 April in order for foreigners to enter Myanmar in line with travel requirements. Once Myanmar eases entry restriction, the gold export market is expected to revive.
Additionally, the international remittance for gold transactions valued below US$50,000 is allowed to use the Telegraph Transfer (TT) system.
Japan and the Republic of Korea primarily purchase gold and other jewellery, and other tourists also buy them, the YGEA stated. — NN/GNLM

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