Gold market inspections target manipulative practices

Authorities have continued carrying out inspections in the gold market in order to crack down on dishonest behaviour, said Yangon Region Gold Entrepreneurs Association (YGEA) Chair U Myo Myint.
“Relevant departments have been continuously working on this issue. They have taken action on all complaints. An official announcement was already made on seven gold shops that have been dealt with, and inspection is still in progress to take further action against the rest,” said U Myo Myint.
The Gold and Currency Market Monitoring and Regulatory Working Committee, under the leadership of the Central Bank of Myanmar, has formed special joint forces and conducted on-site investigations at gold shops in Yangon Region and Mandalay Region.
Officials announced that the Maung Kane gold shop, New Tai Sin gold shop, Kayan Thongwa gold shop in Yangon Region, Shwe Sin Win gold purified shop, Shwe Minthar goldsmith, Mann Sabel gold trading and Myanmar’s Gold shop in Mandalay Region were found lacking gold trading certificate and failing to comply with instructions that gold trading businesses must follow.
As of 2 April, the authorities have taken necessary action in accordance with the respective rules and regulations, including warning and signing an acknowledgement of business operation without having a gold trading certificate and temporary suspension.
Currently, the gold market is slow, and selling is more than buying, said U Myo Myint.
“Local gold mines’ production has been good again. Gold prices will plunge when transport routes improve. Gold is extracted inside our country, which is the largest gold producer,” he said.
YGEA has been offering free gold training courses, which attracted nearly 400 applicants, but it could only select about 100 candidates. — MT/ZS