A state-owned media declared on 1 September that the Ministry of Natural Resources and Environmental Conservation has planned to sell gold coins weighed in one tical, half-tical and quarter-tical freely.
Although global gold prices were not increasing, the domestic gold price exceeded between Ks-500,000 to 1,000,000 the normal price because of monopolistic marketers and the pure gold price rose to Ks-3,8000,000 per tical on 31 August.
This afternoon, the gold price was under Ks- 3,000,000 per tical in the domestic gold market, dropping by about Ks- 800,000 due to the declaration that the Central Bank of Myanmar will contribute over US$-200 million to the forex market to alleviate the rising commodity prices triggered by high fuel prices. In the meantime, authorities are trying to detain marketers for monopolizing the gold and foreign exchange market.
The Ministry of Natural Resources and Environmental Conservation of State Administration Council made an effort to sell one tical, half-tical and quarter-tical gold coins freely to stabilize gold prices.
In 2013, the Vice governor of the Central Bank of Myanmar DawKhin Saw Oo said that the bank had 7.1533 tons of gold. Then, the bank had Ks-5,771 billion worth of gold, according to the report of the 2019-2020 fiscal year. At this time, the gold price was about Ks-1,100,000 per tical (0.578 ounce, or 0.016 kilogram).
The central bank of Myanmar issued new one-tical, half-tical and quarter-tical gold coins in 1991. In 2018, CBM issued new gold coins with national leader BogyokeAung San’s portrait. The decreased value and cost were added to the selling price.
