In an effort to modernÂize the gold trade, the Myanmar Gold EnÂtrepreneurs Association (MGEA) will submit a proposal three ministries to change Myanmarâ€™s traditional unit of measÂurement to international standards, according to secretary of Myanmar Gold Entrepreneurs AsÂsociation.
The meeting to make a decision on Myanmarâ€™s standard unit of measÂurement was held on OcÂtober 24, 2017. Executive members of the Myanmar Gold Entrepreneurs AsÂsociation attended, and the final decision was to change to international standards.
When we look back hundreds of years, the tical (Kyattha) â€” equal to approximately 16.606 grams â€” 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 inÂternational gold traders for making oversea gold trade difficult and conÂfusing, U Kyaw Win, secÂretary of Myanmar Gold Entrepreneurs AssociaÂtion, said.
â€śMyanmar 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 internaÂtional trade. Adapting to the international standÂards wont be too difficult for the market, and it will make it easier to do busiÂness when our standards are in line with the interÂnational standards,â€ť U Kyaw Win, said.
Some gold traders are already using the gram from international standÂards, but sometimes they face difficulties when adÂjusting to the local gold market pricing.
A proposal to three minÂistries â€”the Ministry of Planning and Finance, the Ministry of ComÂmerce, and the Ministry of Natural Resources and Environmental ConservaÂtion â€” will be collectively reviewed and then seek a parliamentary decision, the Myanmar Gold EnÂtrepreneurs Association, said.
â€śLocal gold traders are familiar with the tradiÂtional tidal gold countÂing unit. But I worry that small scale gold traders will have problems conÂverting to the internationÂal standards because they donâ€™t have proper trainÂing to convert from tical to grams. Providing conÂverting tools will be helpÂful for them,â€ť U Thein Sint, a 48 year-old gold trader from Nandawan market, South Oaklapa Township, said.
The Myanmar Gold EnÂtrepreneurs Association (Yangon and Mandalay) set local gold market price based on various factors including the internaÂtional market price, busiÂness news, political cliÂmate, and local economy. Adapting to the internaÂtional gold standards will be beneficial to the gold traders, according to the association.