Plan to form working groups for gold price calculation methods and quality determination

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