International Standards for Gold: Myanmar

In another step towards joining the international community, Myanmar is adopting the international measurement standards to issue gold bars for the first time, further opening the Myanmar gold market to the outside world.This means Myanmar will start selling gold with 99.99 percent purity in the international unit of gram, instead of the Myanmar currency kyat. It will also adopt international gold extracting and purifying standards in the near future.

“Only after people in Myanmar become familiar with and understand such a standard can the gold produced in Myanmar be sold in the international market,” said U KhinMaung Han of the Myanmar Federation of Mining Association, according to CCTV.

It is also currently unclear regarding the restrictions on the amount of gold that foreigners and locals can buy/sell. Hopefully, the government can resolve the problem when Myanmar joins the ASEAN Free Trade Area.