Gold Exchange Is To Be Set Up

Efforts are being made to set up Gold Exchange in this year for better transactions in gold market, said U Myo Myint, Chairman of Myanmar Gold Entrepreneurs Association.

At present, the technical software is being drafted to kick off the Gold Exchange. If the software is completed, the gold transactions processes can be run through the software. With the access of international gold processes, the system can impact the gold market to be more convenient, he said.

“Now the transactions are listed on the ledger books. So, there are quarrels between the gold traders when they account for the lists due to the gold price fluctuations. When they use the software, the transaction will be faster,” he explained.

Local gold price is changing twice per day in accordance with the international gold market. Therefore, the price occurred on the transactions time should be set. When the gold exchange is come into existence, the gold transaction can be faster, said the gold traders.

Neighboring countries use the Gold Exchange technology. As a result, the gold transactions can be made in accordance with the price fluctuations. It can be more convenient for the gold traders and the gold buyers, a gold trader U Aung Myint said.

Credit: The Voice
Translated by: iMyanmarHouse.com