Gold exports now permitted in Myanmar

Gold and gold jewelry and accessories have been legally cleared for import and export, the Ministry of Commerce (MOC) said Monday.

Traders will now be able to sell gold, which is mined as a natural resource in Myanmar, to buyers overseas. The move is the first step in a government effort to establish a legal gold market in which local and international traders can engage. By doing so, the government also hopes to raise tax revenues, said U Khin Maung Lwin, MOC assistant secretary.

Allowing the export of Myanmar gold, which was prohibited in the past, actually took the MOC a period of three years.

Now, gold, gold jewelry and accessories with gold can be traded via air and sea routes as well as across the border.

The move also comes after a period of low demand for domestic gold. Moving forward, demand for the precious metal is expected to receive a boost from the international market.

It also coincides with rising gold prices both globally and in the domestic market. The price of domestic gold is pegged to global prices. Spot gold rose 0.2 percent to $1,336.26 per ounce Tuesday. Locally, the price per ounce of gold is around K1.8 million.

Gold prices are up from five-month lows hit in December last year, due to ongoing weakness in the US dollar.

According to analysts, gold prices may remain supported over the short term should equity prices correct and cyrptocurrencies like bitcoin face more regulatory pressure.

Source : Myanmar Times

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