The Central Bank of Myanmar announced on 18 March that working groups will be formed to determine gold price calculation methods and quality and set international weight standards that are fundamental in the domestic gold market.
The Monitoring and Steering Committee on Gold and Currency Market led by the Central Bank of Myanmar and includes representatives from various departments discussed issues of standard qualities, refined gold production and how to determine the price of gold regarding the domestic gold market.
It is presented in the discussion that the gold price calculation in Myanmar is seen based on rumours, foreign currency changes in neighbouring countries, and traditional calculation methods without standardized weighting calculations as traded in global gold markets. Measures to make Myanmar gold exporting and trading more efficient, set quality and weight standards that local buyers and investors can assure, take legal action against those trading without licence, and eliminate price manipulation activities were also discussed. — TWA/CT