The Mandalay Region Gold Entrepreneurs Association (MGEA) will sell about seven visses of gold (seven gold bars) each to individual in a bid to reduce the gold price. A gold bar weighs 10 ticals (one viss equals 100 ticals).
The sales of pure gold bars will start on 7 October. The gold buyers can purchase them at the office of MGEA located on 67th street between 40thx41st streets in Mahaaungmyay Township, by presenting a citizenship scrutiny card.
The association stated that they will offer a cheaper price in an attempt to control the volatile gold price. The price of gold will be declared only at 2 pm on 7 October.
Except for the members of the MGEA, anyone is free to buy them.
At present, the price of pure gold ticked up to K2.6 million per tical (0.578 ounce or 0.016 kilogramme) in the domestic markets, tracking the mild rebound in gold spot prices in international markets and Kyat weakening against the US dollar.
The soaring dollar exchanging at over K4,500 pushed up the pure gold price to a record-high of K3.7 million per tical in late August.
The Ministry of Natural Resources and Environmental Conservation is, therefore, selling gold bars and coins in order for the gold price to ease.
Furthermore, the governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market and supporting plans of the banks for gold bar transactions to be made with banking system on14 September in Nay Pyi Taw.
Then, on 30 September, the seven private banks opened special counters at the designated 48 branches to offer banking services for gold transactions.
According to CBM’s directive (43/2021) dated 3 November 2021, lump sum payments worth more than K20 million for buying or selling assets have to be processed with the banking system.
The seven private banks are providing banking services by opening special counters at their 48 branches in Yangon and Mandalay regions and Mon State (Mawlamyine) to facilitate gold transactions with the banking payment system.
Those banks are Kanbawza Bank (KBZ Bank), Co-operative Bank (CB Bank) PCL, Ayeyawady (AYA) Bank, Myanmar Apex Bank (MAB), UAB Bank, Yoma Bank and Ayeyawady Farmers Development Bank (A Bank). – NN/GNLM