YGEA to penetrate foreign markets with Bogyoke Aung San, DASSK gold coins

Yangon Region Gold Entrepreneurs Association (YGEA) is endeavouring to sell gold coins with the portrait of national leader Bogyoke (General) Aung San or Daw Aung San Suu Kyi in foreign markets, U Myo Myint, chair of YGEA.
The gold coins are planned to place in the London, the US and Hong Kong SAR markets, he continued.
“The association is committed to export gold coins to London, the US and Hong Kong SAR markets. Myanmar’s gold market will raise its head again if we can ship the gold to foreign markets in line with international standardization, and it can easily flow in and out of the country,” he affirmed.
At present, the illegal gold trade is still found in the country. As a result of this, the association plans to export gold coins with the portrait of Bogyoke Aung San or Daw Aung San Suu Kyi or the state seal to international markets.
“Additionally, the gold coin export to London has some issues. The investors from London had met Myanmar businesspersons to set up coin factory in Myanmar,” the YGEA chair said.
“The Central Bank of Myanmar, the Ministry of Mines and the Ministry of Commerce are associated with this matter. The gold can be directly delivered to the London market only with approvals from those institutions. London investor offered to establish a coin factory in Myanmar with contributions of US$24 million. We need to give three acres of land and one building for the factory. They will implement to run the factory within six months to one year,” U Myo Myint stated.
Furthermore, beyond physical gold bullion, matters concerning gold monetization with interest rate benefits and gold exchange are also discussed. I see potential in this. I believe a gradual change over a long period with the formation of law and by-laws will bring about a fruitful result,” he shared his opinion.
Myanmar gave the green light to gold exports and imports in January 2018, with the aims to eradicate illegal trade, earn revenue for the country and maintain the market’s stability.  (Translated by Ei Myat Mon)

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