28 January 2022
The Yangon Region Gold Entrepreneurs Association announced that the international remittance for gold transaction valued at below 50,000 USD is allowed to use Telegraph Transfer (TT) system with the foreign currency approved by the Central Bank after taking permission from the Ministry of Commerce and this move will revive gold export market.
But, the transaction worth above 50,000 USD can be done only with Letter of Credit (LC). As per the notification released by the Ministry of Commerce on 12 August 2020, transaction for gold export and import can be done only through LC system.
Starting from 20 December, TT system was given the green light for transaction valued at below 50,000 USD in gold exports and the transaction worth higher than that are permitted only with LC. Gold and other jewelleries from Myanmar are mainly purchased by Japan and the Republic of Korea and they mainly buy lucky charms that are made of gold. Those who want to export gold can inquire the procedures at the One-Stop Service Centre, the YGEA said.
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