The necessary actions against Maung Kein gold shop, New Tyson gold shop and Khayan Thongwa gold shop from Yangon Region and Shwe Sin Win gold refinery, Shwe Min Thar gold refinery, Mann Sabae gold trading business and Myanmar Shwe gold refinery from Mandalay Region, which did not comply with the instructions on precious metal (gold) dealers that gold dealers must follow, including not having a certificate of registration for trading in precious metals (gold) have been carried out in accordance with the relevant laws, announced the Central Bank of Myanmar (CBM).

Under the leadership of the CBM, the Monitoring and Steering Committee on Gold and Currency Market formed joint special inspection teams and carried out field inspections of gold shops in Yangon and Mandalay regions and found three gold shops in Yangon Region and four gold businesses in Mandalay Region failed to comply with the instructions on precious metal (gold) dealers that gold dealers must follow, including the lack of a registration certificate for trading in precious metals (gold), according to the CBM.

Therefore, as of April 2, these gold shops are to be warned not to do business without a precious metal (gold) trading certification and registration certificate and the necessary measures including temporary suspension of operations have been taken in accordance with the relevant laws, it said.

Also, the Monitoring and Steering Committee on Gold and Currency Market has been working with the relevant government departments and law enforcement organizations to take action against those speculate on gold prices and cause public concern and those who are involved in making the price of gold unstable by posting the price of gold that is not actually traded.