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MYANMAR – As domestic gold prices continue to reach a record high, the junta council suspended the business licenses of seven gold shops in Yangon and Mandalay, claiming that they don’t comply with regulations.
Just as one tical of gold reaches past 4.5 million Kyats, the junta council’s committee to watch, maintain and regulate the gold and currency market took action on the seven gold shops for failing to comply with the instructions regarding the sale of precious metal (gold).
The gold shops in question are Maung Kane, New Tyson and Khayan Thongwa gold shops in Yangon and Shwe Sin Win gold purification business, Shwe Min Thar, Man Sabal gold dealer and Myanmar Shwe Sine business in Mandalay.
The junta council presented the excuse that those shops are not in compliance as they do not have the registration license for the sale of precious metal (gold), which is a new regulation issued by the Yangon Region Gold Entrepreneurs Association (YRGA) under the junta regime following the military coup.
It is said that the seven gold shops will face other punishments besides the suspension of their business licenses.
“They (junta council) only want us to do business at the price determined by them. But you can’t set a market price by order. Despite being aware of that, they are intentionally causing trouble for the gold businesses,” said a gold entrepreneur.
The junta controlled YRGA issued a threatening note, ordering the gold businesses to do business at the set price and that those who cause the gold price to rise will be punished.
Although the market price for one tical of gold has reached between 4.4 and 4.5 million Kyats, the junta determined price remained at 3.8 million Kyats.
The junta council continues to use terror tactics such as arresting gold entrepreneurs and punishing the businesses to resolve the rising gold prices. However, because Kyat continues to weaken, the gold price, even if it falls, would be climbing back up shortly after. One tical of gold was just 1.3 million Kyats before the military coup but is now at 4.5 million Kyats.