New mining law will allow exports and imports of gold

16 September 2015
New mining law will allow exports and imports of gold
Photo: Bo Bo/Mizzima

According to Than Htun Aung, Myanmar’s Deputy Minister for the Ministry of Mines, the country will introduce a new mining law that will allow exports and imports of gold, industry website Scrap Monster reported on 15 September. 
The meeting of representatives held at the Union parliament session has recommended making the precious metals import and export legal under the country’s new law. It must be noted that the existing rules prohibit exports and imports of gold.
The decision was welcomed by the Myanmar Gold Entrepreneurs Association, which noted that the new law will bring forth standardized mechanisms to determine purity and pricing of gold. Currently, the country has no standardized mechanism to determine the purity of locally produced 24-carat gold. 
The new law is expected to implement a standard set of procedures in line with international standards, noted U Kyaw Win, Secretary of the Association. Hence, it makes it necessary for local traders in the country to learn international gold trading methods.