Gold transactions must be done depending on CBM reference exchange rate: YGEA

Gold transactions will be undertaken depending on the Central Bank of Myanmar’s reference exchange rate, according to Yangon Region Gold Entrepreneurs Association (YGEA).
According to the provisions stipulated in Sections 11, 12 and 13 of the Foreign Exchange Management Law, the foreign exchange earned by locals in Myanmar must be deposited in accounts at the authorized dealers and exchanged for the local currency at the Central Bank of Myanmar’s reference rate of K1,850 within one working day, according to the notification released on 3 April.
Thus YGEA called for an urgent meeting on 8 April. The panel determined to carry out gold transactions depending on the CBM’s reference exchange rate.
The US dollar stands at K2,000 in the unofficial black market, while the CBM reference rate is K1,850. Consequently, the gold price is likely to drop a bit.
The YGEA’s office is closed during the Thingyan holidays between 9 and 17 April. Therefore, the data on the daily gold prices cannot be released.
The pure gold fetched K2.041 million per tical (0.578 ounce, or 0.016 kilogramme) on 7 April before the urgent meeting.
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 gold exchanges and consequently, the pure gold reached a record high of K2.22 million per tical in history. — NN/GNLM