Myanmar gold exchange to open in 2016

Myanmar’s first official market for gold and metal trading will open in Yangon early this year, U Khin Maung Han, vice chair of the Myanmar Federation of Mining Association, told The Myanmar Times.

“Myanmar needs an official market for gold and metal,” he said. “Metal products must have fair prices and global-standard qualities. Otherwise, underground markets and prices will persist.”

The new exchange will use a modern electronic system linked with the country’s banking system, he added.

The Myanmar Federation of Mining Association is now working with various ministries to create the exchange. A draft amendment to the mining law will be released and local trading licenses will be allocated.

The President’s Office has already granted permission for the new market, and the Ministry of Home Affairs, Ministry of Mines and Ministry of Commerce are working on the preparation and implementation, according to U Khin Maung Han.

The Ministry of Commerce is responsible for relaxing regulations that would allow gold to be exported through the new exchange. Foreign buyers will also be able to purchase other metals on using the new market, he added.

“Our country has never had an official gold market, like an international exchange. There are only traditional markets,” said U Kyaw Win, the secretary of Myanmar Gold Entrepreneurs Association. “Our country sometimes has to depend on [the market of ] a neighbouring country. If we had our own exchange, we wouldn’t have to.”

An official gold market would also help keep the exchange rate and the price of goods steady, he said. Standards for the official market are being drawn up and implemented in line with existing Central Bank regulation and the foreign currency administration laws.

The Ministry of Mines and the Central Bank are still debating which ministry will be responsible for granting business licences to qualified individual traders.

A system to monitor minerals and metal production, and that provides a framework for export, will be developed following the creation of the new exchange.

Source: Myanmar Times

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