Gold entrepreneurs seek licence for gold bar transactions

LOCAL NEWS

Following the statement of action against those unauthorized dealers, gold entrepreneurs are increasingly seeking a licence for gold bar transactions, said U Myo Myint, chair of Yangon Region Gold Entrepreneurs Association (YGEA).
YGEA members and gold traders were notified of seeking a trade licence for gold shops and a licence for gold bar transactions, according to the statement issued on 17 May. It also mentioned taking action against those unauthorized dealers involved in online trade platforms under the existing laws.
Then, a high number of gold entrepreneurs are applying for a licence. The association is also issuing recommendation letters to those traders. At present, YGEA has recommended over 60 entrepreneurs, said U Myo Myint.
“As the YGEA presents a recommendation letter to seek a licence for gold bar transactions to the businesspersons, over 60 entrepreneurs have made them. Yangon City Development Committee has granted the licence for them. After that, those unscrupulous traders cannot manipulate the market price as they cannot make transactions without a licence. It is a move to stabilize the gold price,” he continued.
This is to end the cross-border black market and govern price manipulation, U Myo Myint added.
In a bid to stabilize the volatile gold prices, gold transactions had better be made according to the reference rate of the Central Bank of Myanmar (K1,850 per US$), according to the CBM’s statement released on 3 April.
YGEA called for an urgent meeting on 8 April. The meeting determined to carry out gold transactions depending on the CBM’s reference exchange rate. However, it has not come into force yet, said U Myo Myint, chair of YGEA.
The US dollar stands at K2,100 in the unofficial black market.  The domestic gold price is highly correlated with the global gold price, YGEA stated.
During the end of September 2021, a dollar value hit an all-time high of over K3,000 in the exchanges and consequently, the pure gold reached a record high of K2.22 million per tical in history.
At present, pure gold is worth K2,050,000 per tical (0.578 ounce, or 0.016 kilogramme) in the domestic market, while the global gold price stands at US$1,830 per ounce. — NN/GNLM

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