Myo Myint, chairman of the Yangon Region Gold Entrepreneurs’ Association, told the Myanmar Platform that a permit was still being applied for a Safe Keeping Receipt (SKR) law to sell paper gold through banks.
“SKR application has not been rejected yet. Still applying When we get that, we deposit the gold we have in the bank. You do not have to carry gold and silver to buy or sell. Internationally, banks also sell gold. You can deposit gold. It means gold, just like the dollar. The main ones are a British company with a growing stock in the UK gold market. The company will come here to refine the gold under its own brand and then deposit the gold in the bank instead of carrying it there. The SKR from the bank will be traded on the London Gold Market. From then on, it became known as Paper Gold, ”said Myo Myint.
At present, there are some delays in applying for a permit to the central bank, and local banks are also interested in discussing gold paper.
“Now we just want to be. I don’t know what the adults are thinking. If the permit is issued, all banks will do it. Shwe Bank was the first to come to us. Then there are the banks that came to discuss. About four or five private banks are coming, ”Myo Myint added.
At present, about 50 pounds of gold is traded daily in the gold market, and the local gold price will fall after the fall in the world gold price, so the price of one kyat of gold can remain high at around 1870,000 kyats.