Myanmar Ready To Meet International Gold Standards

Source : Myanmar Business Today
View Count : 4576
Nov 11, 2017

In an effort to modern­ize the gold trade, the Myanmar Gold En­trepreneurs Association (MGEA) will submit a proposal three ministries to change Myanmar’s traditional unit of meas­urement to international standards, according to secretary of Myanmar Gold Entrepreneurs As­sociation.
        The meeting to make a decision on Myanmar’s standard unit of meas­urement was held on Oc­tober 24, 2017. Executive members of the Myanmar Gold Entrepreneurs As­sociation attended, and the final decision was to change to international standards.
        When we look back hundreds of years, the tical (Kyattha) — equal to approximately 16.606 grams — has long served as the widely accepted unit of measure for gold in Myanmar. Even with this long history of use, its has drawn criticism from both local and in­ternational gold traders for making oversea gold trade difficult and con­fusing, U Kyaw Win, sec­retary of Myanmar Gold Entrepreneurs Associa­tion, said.
        “Myanmar people are familiar with the tical, but for long time but we have been trying to change to a better counting system to make easier for interna­tional trade. Adapting to the international stand­ards wont be too difficult for the market, and it will make it easier to do busi­ness when our standards are in line with the inter­national standards,” U Kyaw Win, said.
        Some gold traders are already using the gram from international stand­ards, but sometimes they face difficulties when ad­justing to the local gold market pricing.
        A proposal to three min­istries —the Ministry of Planning and Finance, the Ministry of Com­merce, and the Ministry of Natural Resources and Environmental Conserva­tion — will be collectively reviewed and then seek a parliamentary decision, the Myanmar Gold En­trepreneurs Association, said.
        “Local gold traders are familiar with the tradi­tional tidal gold count­ing unit. But I worry that small scale gold traders will have problems con­verting to the internation­al standards because they don’t have proper train­ing to convert from tical to grams. Providing con­verting tools will be help­ful for them,” U Thein Sint, a 48 year-old gold trader from Nandawan market, South Oaklapa Township, said.
        The Myanmar Gold En­trepreneurs Association (Yangon and Mandalay) set local gold market price based on various factors including the interna­tional market price, busi­ness news, political cli­mate, and local economy. Adapting to the interna­tional gold standards will be beneficial to the gold traders, according to the association.

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