Plan underway to pay only through banking system on sales of gold bars

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According to the press release of the Central Bank of Myanmar, if gold bars are sold in the domestic gold market, only the banking system will be used to pay.
The Gold and Financial Market Monitoring and Supervisory Committee and the Central Bank governor met on 14 September 2022.
In the meeting, the CBM governor talked about the conditions that will be brought to stabilize the gold and currency markets, the plans that banks will provide so that the trading of gold bars can be paid through the banking system and the plans that ministries and the Central Bank will provide to stabilize gold and currency.
According to the current daily gold price of the YGEA, a tical of Academy Gold is K1,985,000.
However, there is no detailed information on when the banking system will be implemented. — Chin Lay/GNLM

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