The governor of the Central Bank of Myanmar has stressed the need to adopt an online trading programme in selling and buying gold bars.  

Governor Daw Than Than Swe called a meeting with the chair and secretary of the Monitoring and Steering Committee on the Gold and Currency Market and directors general from relevant departments at the office of the Central Bank in Nay Pyi Taw on August 12. Members of the Monitoring and Steering Work Committee on the Gold and Currency Market in Yangon and Mandalay also attended the meeting via video link.

The governor said under the leadership of the Central Bank, an online trading programme was launched on June 22 this year between the banks holding authorized dealer licenses and customers. Norms and principles have been adopted for the exporters, importers and banks that would be participating in the programme. The Central Bank is also providing necessary financing to stabilize the foreign currency market. In border trade as well as maritime trade, Chinese Yuan and Thai baht can now be used, she said. 

She also warned that action would be taken against those manipulating the foreign currency market by spreading rumours in accord with the foreign currency management law. 

As the online trading programme is being used in the foreign currency market, such a similar programme should be used in trading gold bars. In order to stabilize the gold market also, only registered businesses need to engage in the programme in accord with the set norms and mechanisms. Meanwhile, relevant officials need to take monitoring and supervisory measures in gold trading, the governor stressed.